Texas
(State or Other Jurisdiction of Incorporation)
|
1-10006
COMMISSION FILE NUMBER
|
75-1301831
(IRS Employer Identification No.)
|
1145 Empire Central Place
Dallas, Texas 75247-4305
(Address of Principal Executive Offices)
|
|
(214) 630-8090
(Registrant's telephone number, including area code)
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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)
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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 November 14, 2012, Frozen Food Express Industries, Inc. issued a news release announcing its results of operations for the three and nine month periods ended September 30, 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 November 14, 2012, regarding the third quarter 2012 results of Frozen Food Express Industries, Inc.
|
|
FROZEN FOOD EXPRESS INDUSTRIES, INC.
|
|
Dated: November 14, 2012
|
By:
|
/s/ John McManama
|
|
|
John McManama
Senior Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
EXHIBIT INDEX
|
|
|
|
|
|
Exhibit No.
|
Exhibit Title
|
|
99.1
|
Press Release dated November 14, 2012, regarding the third quarter 2012 results of Frozen Food Express Industries, Inc.
|
|
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·
|
Total operating revenue decreased 7.0% to $95.6 million versus the same period of 2011, primarily due to the expected decline in dry freight services revenue, related to our decision to exit dry van services in the third quarter of 2011.
|
·
|
Continued improvement in operating ratio versus the same period of 2011 despite significant economic headwinds.
|
·
|
Revenue per truck per week increased 8.4% to $3,499 compared to $3,229 in the same period of 2011.
|
·
|
Improved operating loss of $5.3 million versus a loss of $13.5 million in the same period of 2011.
|
·
|
Net loss per share of diluted common stock was ($0.32), compared to a net loss per diluted common share of ($0.77) in the same period of 2011.
|
Assets
|
September 30, 2012
|
December 31, 2011
|
||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
1,448
|
$
|
1,048
|
||||
Accounts receivable, net
|
42,410
|
43,450
|
||||||
Tires on equipment in use, net
|
7,705
|
5,968
|
||||||
Equipment held for sale
|
1,898
|
3,437
|
||||||
Other current assets
|
7,970
|
7,868
|
||||||
Total current assets
|
61,431
|
61,771
|
||||||
|
||||||||
Property and equipment, net
|
46,630
|
57,757
|
||||||
Deferred income taxes
|
1,009
|
1,009
|
||||||
Other assets
|
5,862
|
5,867
|
||||||
Total assets
|
$
|
114,932
|
$
|
126,404
|
||||
|
||||||||
Liabilities and Shareholders' Equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
27,898
|
$
|
30,339
|
||||
Insurance and claims accruals
|
9,125
|
10,667
|
||||||
Accrued payroll and deferred compensation
|
4,711
|
4,047
|
||||||
Accrued liabilities
|
1,428
|
1,251
|
||||||
Current maturities of notes payable and capital lease obligations
|
2,060
|
1,936
|
||||||
Deferred income taxes
|
690
|
690
|
||||||
Total current liabilities
|
45,912
|
48,930
|
||||||
|
||||||||
Borrowings under credit facility
|
23,899
|
19,888
|
||||||
Long-term notes payable and capital lease obligations
|
7,362
|
8,901
|
||||||
Insurance and claims accruals
|
4,848
|
5,783
|
||||||
Total liabilities
|
82,021
|
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
|
914
|
427
|
||||||
Accumulated other comprehensive loss
|
(62
|
)
|
(67
|
)
|
||||
Retained earnings
|
11,331
|
21,572
|
||||||
Total common shareholders' equity
|
40,041
|
49,790
|
||||||
Treasury stock (1,013 and 980 shares), at cost
|
(7,130
|
)
|
(6,888
|
)
|
||||
Total shareholders' equity
|
32,911
|
42,902
|
||||||
Total liabilities and shareholders' equity
|
$
|
114,932
|
$
|
126,404
|
|
Three Months
Ended September 30,
|
Nine Months
Ended September 30,
|
||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Total operating revenue
|
$
|
95,624
|
$
|
102,834
|
$
|
279,264
|
$
|
296,270
|
||||||||
Operating expenses
|
||||||||||||||||
Salaries, wages and related expenses
|
29,515
|
31,766
|
86,818
|
90,868
|
||||||||||||
Purchased transportation
|
17,952
|
18,357
|
50,272
|
51,856
|
||||||||||||
Fuel
|
21,247
|
25,854
|
60,016
|
73,654
|
||||||||||||
Supplies and maintenance
|
14,340
|
15,710
|
39,106
|
42,561
|
||||||||||||
Revenue equipment rent
|
10,691
|
9,200
|
31,205
|
26,553
|
||||||||||||
Depreciation
|
2,701
|
4,827
|
8,668
|
13,875
|
||||||||||||
Communications and utilities
|
1,123
|
1,171
|
3,299
|
3,518
|
||||||||||||
Claims and insurance
|
3,734
|
7,476
|
7,503
|
13,204
|
||||||||||||
Operating taxes and licenses
|
924
|
985
|
3,076
|
3,089
|
||||||||||||
Gain on sale of property and equipment
|
(2,402
|
)
|
(661
|
)
|
(4,939
|
)
|
(1,234
|
)
|
||||||||
Miscellaneous
|
1,095
|
1,626
|
3,192
|
4,352
|
||||||||||||
Total operating expenses
|
100,920
|
116,311
|
288,216
|
322,296
|
||||||||||||
Loss from operations
|
(5,296
|
)
|
(13,477
|
)
|
(8,952
|
)
|
(26,026
|
)
|
||||||||
|
||||||||||||||||
Interest and other expense (income)
|
||||||||||||||||
Interest expense
|
388
|
247
|
1,157
|
479
|
||||||||||||
Equity in earnings of limited partnership
|
(211
|
)
|
(192
|
)
|
(543
|
)
|
(551
|
)
|
||||||||
Life insurance and other
|
149
|
63
|
520
|
432
|
||||||||||||
Total interest and other expense (income)
|
326
|
118
|
1,134
|
360
|
||||||||||||
Loss before income taxes
|
(5,622
|
)
|
(13,595
|
)
|
(10,086
|
)
|
(26,386
|
)
|
||||||||
Income tax expense (benefit)
|
41
|
73
|
155
|
(1,476
|
)
|
|||||||||||
Net loss
|
$
|
(5,663
|
)
|
$
|
(13,668
|
)
|
$
|
(10,241
|
)
|
$
|
(24,910
|
)
|
||||
|
||||||||||||||||
Net loss per share of common stock
|
||||||||||||||||
Basic
|
$
|
(0.32
|
)
|
$
|
(0.77
|
)
|
$
|
(0.57
|
)
|
$
|
(1.42
|
)
|
||||
Diluted
|
$
|
(0.32
|
)
|
$
|
(0.77
|
)
|
$
|
(0.57
|
)
|
$
|
(1.42
|
)
|
||||
Weighted average shares outstanding
|
||||||||||||||||
Basic
|
17,917
|
17,663
|
17,839
|
17,557
|
||||||||||||
Diluted
|
17,917
|
17,663
|
17,839
|
17,557
|
|
Three Months
|
Nine Months
|
||||||||||||||
Revenue from (a)
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Temperature-controlled services
|
$
|
25,999
|
$
|
29,875
|
$
|
77,821
|
$
|
90,231
|
||||||||
Dry-freight services
|
5,569
|
10,444
|
16,631
|
33,567
|
||||||||||||
Total truckload linehaul services
|
31,568
|
40,319
|
94,452
|
123,798
|
||||||||||||
Dedicated services
|
4,610
|
4,140
|
14,165
|
13,051
|
||||||||||||
Total truckload
|
36,178
|
44,459
|
108,617
|
136,849
|
||||||||||||
Less-than-truckload linehaul services
|
34,463
|
30,740
|
93,917
|
85,908
|
||||||||||||
Fuel surcharges
|
18,968
|
21,298
|
56,124
|
62,683
|
||||||||||||
Brokerage and logistics services
|
4,874
|
5,585
|
17,578
|
8,269
|
||||||||||||
Equipment rental
|
1,141
|
752
|
3,028
|
2,561
|
||||||||||||
Total operating revenue
|
95,624
|
102,834
|
279,264
|
296,270
|
||||||||||||
|
||||||||||||||||
Operating expenses
|
100,920
|
116,311
|
288,216
|
322,296
|
||||||||||||
Loss from operations
|
$
|
(5,296
|
)
|
$
|
(13,477
|
)
|
$
|
(8,952
|
)
|
$
|
(26,026
|
)
|
||||
Operating ratio (b)
|
105.5
|
%
|
113.1
|
%
|
103.2
|
%
|
108.8
|
%
|
||||||||
|
||||||||||||||||
Total truckload revenue
|
$
|
36,178
|
$
|
44,459
|
$
|
108,617
|
$
|
136,849
|
||||||||
Less-than-truckload linehaul revenue
|
34,463
|
30,740
|
93,917
|
85,908
|
||||||||||||
Total linehaul and dedicated services revenue
|
$
|
70,641
|
$
|
75,199
|
$
|
202,534
|
$
|
222,757
|
||||||||
|
||||||||||||||||
Weekly average trucks in service
|
1,536
|
1,772
|
1,504
|
1,772
|
||||||||||||
Revenue per truck per week (c)
|
$
|
3,499
|
$
|
3,229
|
$
|
3,440
|
$
|
3,223
|
Computational notes:
|
|
(a)
|
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 in service.
|
|
Three Months
|
Nine Months
|
||||||||||||||
Truckload
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Total linehaul miles (a)
|
21,219
|
27,994
|
63,561
|
87,748
|
||||||||||||
Loaded miles (a)
|
18,549
|
24,809
|
55,890
|
77,889
|
||||||||||||
Empty mile ratio (b)
|
12.6
|
%
|
11.4
|
%
|
12.1
|
%
|
11.2
|
%
|
||||||||
Linehaul revenue per total mile (c)
|
$
|
1.49
|
$
|
1.44
|
$
|
1.49
|
$
|
1.41
|
||||||||
Linehaul revenue per loaded mile (d)
|
$
|
1.70
|
$
|
1.63
|
$
|
1.69
|
$
|
1.59
|
||||||||
Linehaul shipments (a)
|
20.3
|
27.8
|
60.9
|
86.4
|
||||||||||||
Loaded miles per shipment (e)
|
914
|
891
|
918
|
902
|
||||||||||||
LTL
|
||||||||||||||||
Hundredweight
|
2,341,662
|
2,128,575
|
6,525,164
|
6,194,980
|
||||||||||||
Shipments (a)
|
78.1
|
70.3
|
216.9
|
198.3
|
||||||||||||
Linehaul revenue per hundredweight (f)
|
$
|
14.72
|
$
|
14.44
|
$
|
14.39
|
$
|
13.87
|
||||||||
Linehaul revenue per shipment (g)
|
$
|
441
|
$
|
437
|
$
|
433
|
$
|
433
|
||||||||
Average weight per shipment (h)
|
2,998
|
3,026
|
3,008
|
3,124
|
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.
|
|
2012
|
2011
|
||||||
Total company tractors available for freight operations
|
1,360
|
1,613
|
||||||
Total owner-operator tractors available for freight operations
|
275
|
286
|
||||||
Total tractors available for freight operations
|
1,635
|
1,899
|
||||||
Total trailers available for freight operations
|
3,100
|
3,826
|