(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 October 28, 2011, Frozen Food Express Industries, Inc. issued a news release announcing its results of operations for the three- and nine-month periods ended September 30, 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 October 28, 2011, regarding the third quarter 2011 results of Frozen Food Express Industries, Inc.
|
FROZEN FOOD EXPRESS INDUSTRIES, INC.
|
||
Dated: October 28, 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 October 28, 2011, regarding the third quarter 2011 results of Frozen Food Express Industries, Inc.
|
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Revenue (in $ millions) from:
|
Q3-11
|
Q3-10
|
% Change
|
|
Total Truckload
|
44.5
|
47.1
|
(5.5%)
|
|
Less-than-truckload
|
30.7
|
29.4
|
4.5%
|
|
Brokerage, Logistics and Equipment Rental
|
6.3
|
3.0
|
109.6%
|
|
Operating Revenue (Excluding Fuel Surcharges)
|
81.5
|
79.5
|
2.6%
|
|
Fuel Surcharges
|
21.3
|
14.4
|
48.1%
|
|
Total Operating Revenue
|
102.8
|
93.9
|
9.5%
|
Assets
|
September 30, 2011
|
December 31, 2010
|
||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
2,148
|
$
|
1,203
|
||||
Accounts receivable, net
|
46,695
|
41,921
|
||||||
Tires on equipment in use, net
|
6,999
|
5,982
|
||||||
Deferred income taxes
|
1,150
|
1,150
|
||||||
Other current assets
|
8,307
|
6,575
|
||||||
Assets held for sale, net of accumulated depreciation
|
10,818
|
-
|
||||||
Total current assets
|
76,117
|
56,831
|
||||||
Property and equipment, net
|
63,507
|
72,993
|
||||||
Other assets
|
6,185
|
5,081
|
||||||
Total assets
|
$
|
145,809
|
$
|
134,905
|
||||
Liabilities and Shareholders' Equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
26,986
|
$
|
27,443
|
||||
Insurance and claims accruals
|
11,160
|
8,697
|
||||||
Accrued payroll and deferred compensation
|
4,959
|
5,032
|
||||||
Accrued liabilities
|
1,196
|
709
|
||||||
Current maturities of notes payable and capital lease obligations
|
1,407
|
-
|
||||||
Total current liabilities
|
45,708
|
41,881
|
||||||
Long-term debt
|
28,352
|
5,689
|
||||||
Long-term notes payable and capital lease obligations
|
8,146
|
-
|
||||||
Deferred income taxes
|
1,506
|
3,153
|
||||||
Insurance and claims accruals
|
7,541
|
5,373
|
||||||
Total liabilities
|
91,253
|
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
|
188
|
|
1,353
|
|||||
Accumulated other comprehensive loss
|
(69
|
)
|
-
|
|||||
Retained earnings
|
33,332
|
58,242
|
||||||
Total common shareholders’ equity
|
61,309
|
87,453
|
||||||
Treasury stock (960 and 1,146 shares), at cost
|
(6,753
|
)
|
(8,644
|
)
|
||||
Total shareholders’ equity
|
54,556
|
78,809
|
||||||
Total liabilities and shareholders’ equity
|
$
|
145,809
|
$
|
134,905
|
Three Months
Ended September 30,
|
Nine Months
Ended September 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Total operating revenue
|
$
|
102,834
|
$
|
93,870
|
$
|
296,270
|
$
|
274,669
|
||||||||
Operating expenses
|
||||||||||||||||
Salaries, wages and related expenses
|
31,766
|
30,243
|
90,868
|
87,288
|
||||||||||||
Purchased transportation
|
18,357
|
18,132
|
51,856
|
55,972
|
||||||||||||
Fuel
|
25,854
|
18,469
|
73,654
|
51,782
|
||||||||||||
Supplies and maintenance
|
15,710
|
13,447
|
42,561
|
36,010
|
||||||||||||
Revenue equipment rent
|
9,200
|
9,353
|
26,553
|
27,116
|
||||||||||||
Depreciation
|
4,827
|
4,216
|
13,875
|
12,114
|
||||||||||||
Communications and utilities
|
1,171
|
1,287
|
3,518
|
3,658
|
||||||||||||
Claims and insurance
|
7,476
|
3,486
|
13,204
|
10,764
|
||||||||||||
Operating taxes and licenses
|
985
|
1,003
|
3,089
|
3,209
|
||||||||||||
Gain on sale of property and equipment
|
(661
|
)
|
(12
|
)
|
(1,234
|
)
|
(592
|
)
|
||||||||
Miscellaneous
|
1,626
|
1,109
|
4,352
|
3,101
|
||||||||||||
Total operating expenses
|
116,311
|
100,733
|
322,296
|
290,422
|
||||||||||||
Loss from operations
|
(13,477
|
)
|
(6,863
|
)
|
(26,026
|
)
|
(15,753
|
)
|
||||||||
Interest and other expense (income)
|
||||||||||||||||
Interest income
|
-
|
(15
|
)
|
-
|
(30
|
)
|
||||||||||
Interest expense
|
247
|
105
|
479
|
308
|
||||||||||||
Equity in earnings of limited partnership
|
(192
|
)
|
(246
|
)
|
(551
|
)
|
(443
|
)
|
||||||||
Life insurance and other
|
63
|
(43
|
)
|
432
|
84
|
|||||||||||
Total interest and other expense (income)
|
118
|
(199
|
)
|
360
|
(81
|
)
|
||||||||||
Loss before income taxes
|
(13,595
|
)
|
(6,664
|
)
|
(26,386
|
)
|
(15,672
|
)
|
||||||||
Income tax expense (benefit)
|
73
|
(4,383
|
)
|
(1,476
|
)
|
(5,241
|
)
|
|||||||||
Net loss
|
$
|
(13,668
|
)
|
$
|
(2,281
|
)
|
$
|
(24,910
|
)
|
$
|
(10,431
|
)
|
||||
Net loss per share of common stock
|
||||||||||||||||
Basic
|
$
|
(0.77
|
)
|
$
|
(0.13
|
)
|
$
|
(1.42
|
)
|
$
|
(0.61
|
)
|
||||
Diluted
|
$
|
(0.77
|
)
|
$
|
(0.13
|
)
|
$
|
(1.42
|
)
|
$
|
(0.61
|
)
|
||||
Weighted average shares outstanding
|
||||||||||||||||
Basic
|
17,663
|
17,384
|
17,557
|
17,223
|
||||||||||||
Diluted
|
17,663
|
17,384
|
17,557
|
17,223
|
Three Months
|
Nine Months
|
|||||||||||||||
Revenue from: (a)
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Temperature-controlled fleet
|
$
|
29,875
|
$
|
29,776
|
$
|
90,231
|
$
|
85,935
|
||||||||
Dry-freight fleet
|
10,444
|
12,906
|
33,567
|
42,197
|
||||||||||||
Total truckload linehaul services
|
40,319
|
42,682
|
123,798
|
128,132
|
||||||||||||
Dedicated fleets
|
4,140
|
4,374
|
13,051
|
12,985
|
||||||||||||
Total truckload
|
44,459
|
47,056
|
136,849
|
141,117
|
||||||||||||
Less-than-truckload linehaul services
|
30,740
|
29,408
|
85,908
|
82,412
|
||||||||||||
Fuel surcharges
|
21,298
|
14,382
|
62,683
|
41,886
|
||||||||||||
Brokerage and logistics services
|
5,585
|
1,623
|
8,269
|
5,388
|
||||||||||||
Equipment rental
|
752
|
1,401
|
2,561
|
3,866
|
||||||||||||
Total operating revenue
|
102,834
|
93,870
|
296,270
|
274,669
|
||||||||||||
Operating expenses
|
116,311
|
100,733
|
322,296
|
290,422
|
||||||||||||
Loss from operations
|
$
|
(13,477
|
)
|
$
|
(6,863
|
)
|
$
|
(26,026
|
)
|
$
|
(15,753
|
)
|
||||
Operating ratio (b)
|
113.1
|
%
|
107.3
|
%
|
108.8
|
%
|
105.7
|
%
|
||||||||
Total truckload revenue
|
$
|
44,459
|
$
|
47,056
|
$
|
136,849
|
$
|
141,117
|
||||||||
Less-than-truckload revenue
|
30,740
|
29,408
|
85,908
|
82,412
|
||||||||||||
Total linehaul and dedicated fleet revenue
|
$
|
75,199
|
$
|
76,464
|
$
|
222,757
|
$
|
223,529
|
||||||||
Weekly average trucks
|
1,772
|
1,813
|
1,772
|
1,779
|
||||||||||||
Revenue per truck per week (c)
|
$
|
3,229
|
$
|
3,209
|
$
|
3,223
|
$
|
3,222
|
Computational notes:
|
|
Revenue and expense amounts are stated in thousands of dollars.
|
|
(b)
|
Operating expenses divided by total operating revenue.
|
(c)
|
Average daily revenue, times seven, divided by weekly average trucks.
|
Three Months
|
Nine Months
|
|||||||||||||||
Truckload
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Total linehaul miles (a)
|
27,994
|
30,923
|
87,748
|
94,843
|
||||||||||||
Loaded miles (a)
|
24,809
|
27,294
|
77,889
|
83,805
|
||||||||||||
Empty mile ratio (b)
|
11.4
|
%
|
11.7
|
%
|
11.2
|
%
|
11.6
|
%
|
||||||||
Linehaul revenue per total mile (c)
|
$
|
1.44
|
$
|
1.38
|
$
|
1.41
|
$
|
1.35
|
||||||||
Linehaul revenue per loaded mile (d)
|
$
|
1.63
|
$
|
1.56
|
$
|
1.59
|
$
|
1.53
|
||||||||
Linehaul shipments (a)
|
27.8
|
31.0
|
86.4
|
93.5
|
||||||||||||
Loaded miles per shipment (e)
|
891
|
882
|
902
|
896
|
||||||||||||
LTL
|
||||||||||||||||
Hundredweight
|
2,128,575
|
2,126,278
|
6,194,980
|
5,990,371
|
||||||||||||
Shipments (a)
|
70.3
|
68.6
|
198.3
|
191.6
|
||||||||||||
Linehaul revenue per hundredweight (f)
|
$
|
14.44
|
$
|
13.83
|
$
|
13.87
|
$
|
13.76
|
||||||||
Linehaul revenue per shipment (g)
|
$
|
437
|
$
|
429
|
$
|
433
|
$
|
430
|
||||||||
Average weight per shipment (h)
|
3,026
|
3,098
|
3,124
|
3,126
|
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
|
1,613 | 1,507 | ||||||
Total independent contractor tractors available
|
286 | 312 | ||||||
Total tractors available
|
1,899 | 1,819 | ||||||
Total trailers available
|
3,826 | 3,600 |