(State or Other Jurisdiction of Incorporation)
|
1-10006
COMMISSION FILE NUMBER
|
75-1301831
(IRS Employer Identification No.)
|
1145 Empire Central Place
Dallas, Texas 75247-4305
(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))
|
ITEM 2.02.
|
Results of Operations and Financial Condition
|
On April 27, 2011, Frozen Food Express Industries, Inc. issued a news release announcing its results of operations for the three-month period ended March 31, 2011, as compared to the same period of 2010. A copy of the news release is furnished, but not filed, as Exhibit 99.1 to this Current Report on Form 8-K.
|
ITEM 9.01.
|
Financial Statements and Exhibits
|
|
(a)
|
Financial statements of business acquired.
|
|
Not applicable.
|
||
(b)
|
Pro-forma financial information.
|
|
Not applicable.
|
||
(c)
|
Shell company transactions.
|
|
Not applicable.
|
||
(d)
|
Exhibits
|
|
99.1
|
Press Release dated April 27, 2011, regarding the first quarter 2011 results of Frozen Food Express Industries, Inc.
|
FROZEN FOOD EXPRESS INDUSTRIES, INC.
|
||
Dated: April 27, 2011
|
By:
|
/s/ John McManama
|
John McManama
Senior Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
Exhibit Title
|
||
99.1
|
Press Release dated April 27, 2011, regarding the first quarter 2011 results of Frozen Food Express Industries, Inc.
|
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·
|
Total operating revenue increased $6.3 million to $92.1 million in the first quarter of 2011 compared to $85.8 million in the same period of 2010.
|
·
|
Total operating revenue, net of fuel surcharges, increased slightly to $73.4 million, compared to $73.3 million during the first quarter of 2010.
|
·
|
Favorable pricing and improving demand were offset by unusually severe weather and increased fuel costs, resulting in a $7.9 million loss during the first quarter of 2011, compared to a $3.7 million loss in the same period of 2010.
|
·
|
Net loss per share of diluted common stock was ($0.45) in the first quarter of 2011 compared to ($0.22) in the same period of 2010.
|
·
|
New four year, $50 million credit facility increases liquidity and long-term financial flexibility.
|
Total Operating Revenue (in $000s) from:
|
1Q11
|
1Q10
|
% Change
|
||
Total Truckload
|
45,141
|
44,916
|
0.5%
|
||
Less-than-truckload
|
26,201
|
25,267
|
3.7%
|
||
Brokerage and Equipment Rental
|
2,082
|
3,125
|
(33.4%)
|
||
Total Operating Revenue (Excluding Fuel Surcharges)
|
73,424
|
73,308
|
0.4%
|
||
Fuel Surcharges
|
18,683
|
12,534
|
49.1%
|
||
Total Operating Revenue
|
92,107
|
85,842
|
7.3%
|
Assets
|
March 31, 2011
|
December 31, 2010
|
||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
2,090
|
$
|
1,203
|
||||
Accounts receivable, net
|
43,614
|
41,921
|
||||||
Tires on equipment in use, net
|
5,858
|
5,982
|
||||||
Deferred income taxes
|
1,150
|
1,150
|
||||||
Other current assets
|
4,764
|
6,575
|
||||||
Total current assets
|
57,476
|
56,831
|
||||||
Property and equipment, net
|
70,146
|
72,993
|
||||||
Other assets
|
4,550
|
5,081
|
||||||
Total assets
|
$
|
132,172
|
$
|
134,905
|
||||
Liabilities and Shareholders' Equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
25,722
|
$
|
27,443
|
||||
Insurance and claims accruals
|
8,850
|
8,697
|
||||||
Accrued payroll and deferred compensation
|
4,248
|
5,032
|
||||||
Accrued liabilities
|
813
|
709
|
||||||
Total current liabilities
|
39,633
|
41,881
|
||||||
Long-term debt
|
13,668
|
5,689
|
||||||
Deferred income taxes
|
2,180
|
3,153
|
||||||
Insurance and claims accruals
|
5,511
|
5,373
|
||||||
Total liabilities
|
60,992
|
56,096
|
||||||
Shareholders' equity
|
||||||||
Common stock, $1.50 par value per share; 75,000 shares authorized;
|
||||||||
18,572 shares issued
|
27,858
|
27,858
|
||||||
Additional paid-in capital
|
1,145
|
|
1,353
|
|||||
Retained earnings
|
50,305
|
58,242
|
||||||
79,308
|
87,453
|
|||||||
Treasury stock (1,081 and 1,146 shares), at cost
|
(8,128
|
)
|
(8,644
|
)
|
||||
Total shareholders' equity
|
71,180
|
78,809
|
||||||
Total liabilities and shareholders’ equity
|
$
|
132,172
|
$
|
134,905
|
Three Months
Ended March 31,
|
||||||||
2011
|
2010
|
|||||||
Total operating revenue
|
$
|
92,107
|
$
|
85,842
|
||||
Operating expenses
|
||||||||
Salaries, wages and related expenses
|
29,460
|
28,109
|
||||||
Purchased transportation
|
16,216
|
18,117
|
||||||
Fuel
|
22,467
|
15,844
|
||||||
Supplies and maintenance
|
12,622
|
10,613
|
||||||
Revenue equipment rent
|
8,604
|
8,781
|
||||||
Depreciation
|
4,496
|
3,987
|
||||||
Communications and utilities
|
1,299
|
1,174
|
||||||
Claims and insurance
|
3,309
|
2,834
|
||||||
Operating taxes and licenses
|
1,035
|
1,097
|
||||||
Loss (gain) on sale of property and equipment
|
1
|
(331
|
)
|
|||||
Miscellaneous
|
1,380
|
1,179
|
||||||
Total operating expenses
|
100,889
|
91,404
|
||||||
Loss from operations
|
(8,782
|
)
|
(5,562
|
)
|
||||
Interest and other (income) expense
|
||||||||
Interest income
|
(2
|
)
|
(11
|
)
|
||||
Interest expense
|
96
|
42
|
||||||
Equity in earnings of limited partnership
|
(99
|
)
|
(40
|
)
|
||||
Life insurance and other
|
100
|
146
|
||||||
Total interest and other expense
|
95
|
137
|
||||||
Loss before income taxes
|
(8,877
|
)
|
(5,699
|
)
|
||||
Income tax benefit
|
(940
|
)
|
(1,976
|
)
|
||||
Net loss
|
$
|
(7,937
|
)
|
$
|
(3,723
|
)
|
||
Net loss per share of common stock
|
||||||||
Basic
|
$
|
(0.45
|
)
|
$
|
(0.22
|
)
|
||
Diluted
|
$
|
(0.45
|
)
|
$
|
(0.22
|
)
|
||
Weighted average shares outstanding
|
||||||||
Basic
|
17,446
|
17,092
|
||||||
Diluted
|
17,446
|
17,092
|
||||||
Dividends declared per common share
|
$
|
-
|
$
|
-
|
Revenue from: (a)
|
2011
|
2010
|
||||||
Temperature-controlled services
|
$
|
29,416
|
$
|
25,423
|
||||
Dry-freight services
|
11,420
|
15,268
|
||||||
Total truckload linehaul services
|
40,836
|
40,691
|
||||||
Dedicated fleets
|
4,305
|
4,225
|
||||||
Total truckload
|
45,141
|
44,916
|
||||||
Less-than-truckload linehaul services
|
26,201
|
25,267
|
||||||
Fuel surcharges
|
18,683
|
12,534
|
||||||
Brokerage
|
1,138
|
2,011
|
||||||
Equipment rental
|
944
|
1,114
|
||||||
Total operating revenue
|
92,107
|
85,842
|
||||||
Operating expenses
|
100,889
|
91,404
|
||||||
Loss from freight operations
|
$
|
(8,782
|
) |
$
|
(5,562
|
)
|
||
Operating ratio (b)
|
109.5
|
%
|
106.5
|
%
|
||||
Total truckload revenue
|
$
|
45,141
|
$
|
44,916
|
||||
Less-than-truckload revenue
|
26,201
|
25,267
|
||||||
Total linehaul and dedicated services revenue
|
$
|
71,342
|
$
|
70,183
|
||||
Weekly average trucks in service
|
1,774
|
1,751
|
||||||
Revenue per truck per week (c)
|
$
|
3,128
|
$
|
3,118
|
Computational notes:
|
|
(a)
|
Revenue and expense amounts are stated in thousands of dollars.
|
(b)
|
Operating expenses divided by total revenue.
|
(c)
|
Average daily revenue, times seven, divided by weekly average trucks in service.
|
2011
|
2010
|
|||||||
Total linehaul miles (a)
|
29,891
|
31,630
|
||||||
Loaded miles (a)
|
26,636
|
28,238
|
||||||
Empty mile ratio (b)
|
10.9
|
%
|
10.7
|
%
|
||||
Linehaul revenue per total mile (c)
|
$
|
1.37
|
$
|
1.29
|
||||
Linehaul revenue per loaded mile (d)
|
$
|
1.53
|
$
|
1.44
|
||||
Linehaul shipments (a)
|
29.2
|
30.7
|
||||||
Loaded miles per shipment (e)
|
912
|
921
|
||||||
LTL
|
||||||||
Hundredweight
|
1,934
|
1,820
|
||||||
Shipments (a)
|
61.0
|
59.1
|
||||||
Linehaul revenue per hundredweight (f)
|
$
|
13.55
|
$
|
13.89
|
||||
Linehaul revenue per shipment (g)
|
$
|
430
|
$
|
427
|
||||
Average weight per shipment (h)
|
3,172
|
3,079
|
Computational notes:
|
|
(a)
|
Amounts are stated in thousands.
|
(b)
|
Total truckload linehaul miles less truckload loaded miles, divided by total truckload linehaul miles.
|
(c)
|
Revenue from truckload linehaul services divided by total truckload linehaul miles.
|
(d)
|
Revenue from truckload linehaul services divided by truckload loaded miles.
|
(e)
|
Total truckload loaded miles divided by number of truckload linehaul shipments.
|
(f)
|
LTL revenue divided by LTL hundredweight.
|
(g)
|
LTL revenue divided by number of LTL shipments.
|
(h)
|
LTL hundredweight times one hundred divided by number of shipments.
|
2011
|
2010
|
|||||||
Total company tractors available
|
1,529 | 1,461 | ||||||
Total owner-operator tractors available
|
294 | 393 | ||||||
Total tractors available
|
1,823 | 1,854 | ||||||
Total trailers available
|
3,367 | 3,493 |