(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 May 1, 2012, Frozen Food Express Industries, Inc. issued a news release announcing its results of operations for the three-month period ended March 31, 2012, as compared to the same period of 2011. 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 May 1, 2012, regarding the first quarter 2012 results of Frozen Food Express Industries, Inc.
|
FROZEN FOOD EXPRESS INDUSTRIES, INC.
|
||
Dated: May 1, 2012
|
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 May 1, 2012, regarding the first quarter 2012 results of Frozen Food Express Industries, Inc.
|
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Revenue (in $ millions) from:
|
Q1-12
|
Q1-11
|
% Change
|
|
Total Truckload
|
34.8
|
45.1
|
(22.9
|
)%
|
Less-than-truckload (“LTL”)
|
28.3
|
26.2
|
8.0
|
%
|
Brokerage, Logistics and Equipment Rental
|
7.0
|
2.1
|
238.7
|
%
|
Operating Revenue (Excluding Fuel Surcharges)
|
70.1
|
73.4
|
(4.5
|
)%
|
Fuel Surcharges
|
17.8
|
18.7
|
(4.8
|
)%
|
Total Operating Revenue
|
87.9
|
92.1
|
(4.5
|
)%
|
Assets
|
March 31, 2012
|
December 31, 2011
|
||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
1,478
|
$
|
1,048
|
||||
Accounts receivable, net
|
40,422
|
43,450
|
||||||
Tires on equipment in use, net
|
5,780
|
5,968
|
||||||
Equipment held for sale
|
-
|
3,437
|
||||||
Other current assets
|
4,997
|
7,868
|
||||||
Total current assets
|
52,677
|
61,771
|
||||||
Property and equipment, net
|
53,759
|
57,757
|
||||||
Deferred income taxes
|
1,009
|
1,009
|
||||||
Other assets
|
6,023
|
5,867
|
||||||
Total assets
|
$
|
113,468
|
$
|
126,404
|
||||
Liabilities and Shareholders' Equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
20,564
|
$
|
30,339
|
||||
Insurance and claims accruals
|
9,325
|
10,667
|
||||||
Accrued payroll and deferred compensation
|
4,195
|
4,047
|
||||||
Accrued liabilities
|
1,006
|
1,251
|
||||||
Current maturities of notes payable and capital lease obligations
|
1,993
|
1,936
|
||||||
Deferred income taxes
|
690
|
690
|
||||||
Total current liabilities
|
37,773
|
48,930
|
||||||
Borrowings under credit facility
|
24,241
|
19,888
|
||||||
Long-term notes payable and capital lease obligations
|
8,409
|
8,901
|
||||||
Insurance and claims accruals
|
5,715
|
5,783
|
||||||
Total liabilities
|
76,138
|
83,502
|
||||||
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
|
463
|
|
427
|
|||||
Accumulated other comprehensive loss
|
(67
|
)
|
(67
|
)
|
||||
Retained earnings
|
15,923
|
21,572
|
||||||
Total common shareholders’ equity
|
44,177
|
49,790
|
||||||
Treasury stock (972 and 980 shares), at cost
|
(6,847
|
)
|
(6,888
|
)
|
||||
Total shareholders' equity
|
37,330
|
42,902
|
||||||
Total liabilities and shareholders’ equity
|
$
|
113,468
|
$
|
126,404
|
Three Months
Ended March 31,
|
||||||||
2012
|
2011
|
|||||||
Total operating revenue
|
$
|
87,935
|
$
|
92,107
|
||||
Operating expenses
|
||||||||
Salaries, wages and related expenses
|
29,225
|
29,460
|
||||||
Purchased transportation
|
15,833
|
16,216
|
||||||
Fuel
|
19,017
|
22,467
|
||||||
Supplies and maintenance
|
12,404
|
12,622
|
||||||
Revenue equipment rent
|
10,212
|
8,604
|
||||||
Depreciation
|
3,059
|
4,496
|
||||||
Communications and utilities
|
933
|
1,299
|
||||||
Claims and insurance
|
1,905
|
3,309
|
||||||
Operating taxes and licenses
|
1,087
|
1,035
|
||||||
(Gain) loss on sale of property and equipment
|
(1,760
|
)
|
1
|
|||||
Miscellaneous
|
1,233
|
1,380
|
||||||
Total operating expenses
|
93,148
|
100,889
|
||||||
Loss from operations
|
(5,213
|
)
|
(8,782
|
)
|
||||
Interest and other (income) expense
|
||||||||
Interest income
|
-
|
(2
|
)
|
|||||
Interest expense
|
371
|
96
|
||||||
Equity in earnings of limited partnership
|
(235
|
)
|
(99
|
)
|
||||
Life insurance and other
|
242
|
100
|
||||||
Total interest and other (income) expense
|
378
|
95
|
||||||
Loss before income taxes
|
(5,591
|
)
|
(8,877
|
)
|
||||
Income tax expense (benefit)
|
58
|
(940
|
)
|
|||||
Net loss
|
$
|
(5,649
|
)
|
$
|
(7,937
|
)
|
||
Net loss per share of common stock
|
||||||||
Basic
|
$
|
(0.32
|
)
|
$
|
(0.45
|
)
|
||
Diluted
|
$
|
(0.32
|
)
|
$
|
(0.45
|
)
|
||
Weighted average shares outstanding
|
||||||||
Basic
|
17,727
|
17,446
|
||||||
Diluted
|
17,727
|
17,446
|
||||||
Dividends declared per common share
|
$
|
-
|
$
|
-
|
Revenue from: (a)
|
2012
|
2011
|
||||||
Temperature-controlled services
|
$
|
24,502
|
$
|
29,416
|
||||
Dry-freight services
|
5,445
|
11,420
|
||||||
Total truckload linehaul services
|
29,947
|
40,836
|
||||||
Dedicated services
|
4,836
|
4,305
|
||||||
Total truckload
|
34,783
|
45,141
|
||||||
Less-than-truckload linehaul services
|
28,306
|
26,201
|
||||||
Fuel surcharges
|
17,794
|
18,683
|
||||||
Brokerage and logistics services
|
6,116
|
1,138
|
||||||
Equipment rental
|
936
|
944
|
||||||
Total operating revenue
|
87,935
|
92,107
|
||||||
Operating expenses
|
93,148
|
100,889
|
||||||
Loss from operations
|
$
|
(5,213
|
)
|
$
|
(8,782
|
)
|
||
Operating ratio (b)
|
105.9
|
%
|
109.5
|
%
|
||||
Total truckload revenue
|
$
|
34,783
|
$
|
45,141
|
||||
Less-than-truckload linehaul revenue
|
28,306
|
26,201
|
||||||
Total linehaul and dedicated services revenue
|
$
|
63,089
|
$
|
71,342
|
||||
Weekly average trucks in service
|
1,482
|
1,774
|
||||||
Revenue per truck per week (c)
|
$
|
3,275
|
$
|
3,128
|
Computational notes:
|
|
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.
|
2012
|
2011
|
|||||||
Total linehaul miles (a)
|
20,550
|
29,891
|
||||||
Loaded miles (a)
|
18,156
|
26,636
|
||||||
Empty mile ratio (b)
|
11.6
|
%
|
10.9
|
%
|
||||
Linehaul revenue per total mile (c)
|
$
|
1.46
|
$
|
1.37
|
||||
Linehaul revenue per loaded mile (d)
|
$
|
1.65
|
$
|
1.53
|
||||
Linehaul shipments (a)
|
19.6
|
29.2
|
||||||
Loaded miles per shipment (e)
|
929
|
912
|
||||||
Less-than-truckload
|
||||||||
Hundredweight (a)
|
2,004
|
1,934
|
||||||
Shipments (a)
|
67.1
|
61.0
|
||||||
Linehaul revenue per hundredweight (f)
|
$
|
14.13
|
$
|
13.55
|
||||
Linehaul revenue per shipment (g)
|
$
|
422
|
$
|
430
|
||||
Average weight per shipment (h)
|
2,986
|
3,172
|
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 truckload total 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.
|
2012
|
2011
|
|||||||
Total company tractors available
|
1,312 | 1,529 | ||||||
Total owner-operator tractors available
|
250 | 294 | ||||||
Total tractors available
|
1,562 | 1,823 | ||||||
Total trailers available
|
3,118 | 3,367 |