Texas
(State or Other Jurisdiction of Incorporation)
|
1-10006
COMMISSION FILE NUMBER
|
75-1301831
(IRS Employer Identification No.)
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1145 Empire Central Place
Dallas, Texas 75247-4305
(Address of Principal Executive Offices)
|
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(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:
|
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ITEM 2.02.
|
Results of Operations and Financial Condition
|
|
On March 19, 2013, Frozen Food Express Industries, Inc. issued a news release announcing its results of operations for the three- and twelve-month periods ended December 31, 2012, as compared to the comparable periods 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.
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|
(c)
|
Shell company transactions.
|
|
|
Not applicable.
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|
(d)
|
Exhibits
|
|
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99.1
|
Press Release dated March 19, 2013, regarding the fourth quarter and 2012 year end results of Frozen Food Express Industries, Inc.
|
|
FROZEN FOOD EXPRESS INDUSTRIES, INC.
|
|
Dated: March 19, 2013
|
By:
|
/s/ John McManama
|
|
|
John McManama
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
|
EXHIBIT INDEX
|
|
|
|
|
|
Exhibit No.
|
Exhibit Title
|
|
99.1
|
Press Release dated March 19, 2013, regarding the fourth quarter and 2012 year end results of Frozen Food Express Industries, Inc.
|
|
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·
|
4Q12 total operating revenue, net of fuel surcharges, was $78.4 million, a 5.6% increase versus 4Q11.
|
·
|
2012 total operating revenue, net of fuel surcharges, was $301.5 million, a 2% decrease versus 2011.
|
·
|
4Q12 operating loss of $4.4 million compared to a loss of $12.2 million in the same period of 2011.
|
·
|
2012 operating loss of $13.4 million, a $24.9 million improvement versus 2011.
|
·
|
2012 net loss per share of diluted common stock was ($0.84), compared to a net loss per diluted common share of ($2.08) in the same period of 2011.
|
·
|
As of December 31, 2012, shareholders' equity was $28.3 million, or $1.60 per share.
|
·
|
As of December 31, 2012, borrowing availability was $14.6 million
|
Revenue (in $ millions) from:
|
4Q12
|
4Q11
|
% Change
|
2012
|
2011
|
% Change
|
Total Truckload ("TL")
|
38.3
|
36.9
|
3.8%
|
146.9
|
173.8
|
(15.4%)
|
Less-than-truckload ("LTL")
|
34.0
|
26.1
|
30.1%
|
127.9
|
112.0
|
14.2%
|
Brokerage, Logistics and Equipment Rental
|
6.1
|
11.2
|
(45.9%)
|
26.7
|
22.0
|
21.3%
|
Operating Revenue (Excluding Fuel Surcharges)
|
78.4
|
74.2
|
5.6%
|
301.5
|
307.8
|
(2.0%)
|
Fuel Surcharges
|
20.1
|
18.0
|
11.6%
|
76.2
|
80.7
|
(5.5%)
|
Total Operating Revenue
|
98.5
|
92.2
|
6.8%
|
377.7
|
388.5
|
(2.8%)
|
Frozen Food Express Industries, Inc. and Subsidiaries
Consolidated Balance Sheets
December 31,
(in thousands)
|
||||||||
Assets
|
2012
|
2011
|
||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
2,907
|
$
|
1,048
|
||||
Accounts receivable, net
|
40,069
|
43,450
|
||||||
Tires on equipment in use, net
|
8,176
|
5,968
|
||||||
Equipment held for sale
|
832
|
3,437
|
||||||
Other current assets
|
7,840
|
7,868
|
||||||
Total current assets
|
59,824
|
61,771
|
||||||
|
||||||||
Property and equipment, net
|
54,680
|
57,757
|
||||||
Deferred income taxes
|
3,039
|
1,009
|
||||||
Other assets
|
6,096
|
5,867
|
||||||
Total assets
|
$
|
123,639
|
$
|
126,404
|
||||
|
||||||||
Liabilities and Shareholders' Equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
26,178
|
$
|
30,339
|
||||
Insurance and claims accruals
|
10,033
|
10,667
|
||||||
Accrued payroll and deferred compensation
|
3,951
|
4,047
|
||||||
Accrued liabilities
|
1,429
|
1,251
|
||||||
Current maturities of notes payable and capital lease obligations
|
3,040
|
1,936
|
||||||
Deferred income taxes
|
2,727
|
690
|
||||||
Total current liabilities
|
47,358
|
48,930
|
||||||
|
||||||||
Long-term debt
|
26,215
|
19,888
|
||||||
Long-term notes payable and capital lease obligations
|
16,891
|
8,901
|
||||||
Insurance and claims accruals
|
4,904
|
5,783
|
||||||
Total liabilities
|
95,368
|
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
|
1,165
|
427
|
||||||
Accumulated other comprehensive loss
|
(79
|
)
|
(67
|
)
|
||||
Retained earnings
|
6,516
|
21,572
|
||||||
Total common shareholders' equity
|
35,460
|
49,790
|
||||||
Treasury stock (1,026 and 980 shares), at cost
|
(7,189
|
)
|
(6,888
|
)
|
||||
Total shareholders' equity
|
28,271
|
42,902
|
||||||
Total liabilities and shareholders' equity
|
$
|
123,639
|
$
|
126,404
|
FROZEN FOOD EXPRESS INDUSTRIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
For the Three and Twelve Months Ended December 31,
|
||||||||||||||||
|
(in thousands, except per-share amounts)
|
|||||||||||||||
|
Three Months
|
Twelve Months
|
||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Total operating revenue
|
$
|
98,451
|
$
|
92,191
|
$
|
377,715
|
$
|
388,461
|
||||||||
Operating expenses
|
||||||||||||||||
Salaries, wages and related expenses
|
28,515
|
29,966
|
115,333
|
120,834
|
||||||||||||
Purchased transportation
|
18,031
|
20,826
|
68,303
|
72,682
|
||||||||||||
Fuel
|
19,966
|
19,563
|
79,982
|
93,217
|
||||||||||||
Supplies and maintenance
|
13,922
|
13,849
|
53,028
|
56,410
|
||||||||||||
Revenue equipment rent
|
11,790
|
10,037
|
42,995
|
36,590
|
||||||||||||
Depreciation
|
2,845
|
3,906
|
11,513
|
17,781
|
||||||||||||
Communications and utilities
|
1,099
|
1,164
|
4,398
|
4,682
|
||||||||||||
Claims and insurance
|
5,222
|
7,349
|
12,725
|
20,553
|
||||||||||||
Operating taxes and licenses
|
1,007
|
1,061
|
4,083
|
4,150
|
||||||||||||
Gain on sale of property and equipment
|
(953
|
)
|
(4,507
|
)
|
(5,892
|
)
|
(5,741
|
)
|
||||||||
Miscellaneous
|
1,410
|
1,188
|
4,602
|
5,540
|
||||||||||||
Total operating expenses
|
102,854
|
104,402
|
391,070
|
426,698
|
||||||||||||
Loss from operations
|
(4,403
|
)
|
(12,211
|
)
|
(13,355
|
)
|
(38,237
|
)
|
||||||||
|
||||||||||||||||
|
||||||||||||||||
Interest and other (income) expense
|
||||||||||||||||
Interest expense
|
492
|
365
|
1,649
|
844
|
||||||||||||
Equity in earnings of limited partnership
|
(326
|
)
|
(363
|
)
|
(868
|
)
|
(914
|
)
|
||||||||
Life insurance and other
|
198
|
189
|
717
|
621
|
||||||||||||
Total interest and other (income) expense
|
364
|
191
|
1,498
|
551
|
||||||||||||
Loss before income taxes
|
(4,767
|
)
|
(12,402
|
)
|
(14,853
|
)
|
(38,788
|
)
|
||||||||
Income tax expense (benefit)
|
48
|
(642
|
)
|
203
|
(2,118
|
)
|
||||||||||
Net loss
|
$
|
(4,815
|
)
|
$
|
(11,760
|
)
|
$
|
(15,056
|
)
|
$
|
(36,670
|
)
|
||||
|
||||||||||||||||
Net loss per share of common stock
|
||||||||||||||||
Basic
|
$
|
(0.27
|
)
|
$
|
(0.67
|
)
|
$
|
(0.84
|
)
|
$
|
(2.08
|
)
|
||||
Diluted
|
$
|
(0.27
|
)
|
$
|
(0.67
|
)
|
$
|
(0.84
|
)
|
$
|
(2.08
|
)
|
||||
Weighted average shares outstanding
|
||||||||||||||||
Basic
|
17,893
|
17,686
|
17,852
|
17,589
|
||||||||||||
Diluted
|
17,893
|
17,686
|
17,852
|
17,589
|
|
Three Months
|
Twelve Months
|
||||||||||||||
Revenue from
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Temperature-controlled services
|
$
|
28,382
|
$
|
25,582
|
$
|
106,203
|
115,813
|
|||||||||
Dry-freight services
|
5,908
|
6,922
|
22,539
|
40,489
|
||||||||||||
Total truckload linehaul services
|
34,290
|
32,504
|
128,742
|
156,302
|
||||||||||||
Dedicated services
|
4,037
|
4,418
|
18,202
|
17,469
|
||||||||||||
Total truckload
|
38,327
|
36,922
|
146,944
|
173,771
|
||||||||||||
Less-than-truckload linehaul services
|
33,986
|
26,122
|
127,903
|
112,030
|
||||||||||||
Fuel surcharges
|
20,114
|
18,022
|
76,238
|
80,705
|
||||||||||||
Brokerage and logistics services
|
4,732
|
10,255
|
22,310
|
18,524
|
||||||||||||
Equipment rental
|
1,292
|
870
|
4,320
|
3,431
|
||||||||||||
Total operating revenue
|
98,451
|
92,191
|
377,715
|
388,461
|
||||||||||||
|
||||||||||||||||
Operating expenses
|
102,854
|
104,402
|
391,070
|
426,698
|
||||||||||||
Loss from operations
|
$
|
(4,403
|
)
|
$
|
(12,211
|
)
|
$
|
(13,355
|
)
|
$
|
(38,237
|
)
|
||||
Operating ratio (a)
|
104.5
|
%
|
113.2
|
%
|
103.5
|
%
|
109.8
|
%
|
||||||||
|
||||||||||||||||
Total truckload revenue
|
$
|
38,327
|
$
|
36,922
|
$
|
146,944
|
$
|
173,771
|
||||||||
Less-than-truckload linehaul revenue
|
33,986
|
26,122
|
127,903
|
112,030
|
||||||||||||
Total linehaul and dedicated services revenue
|
$
|
72,313
|
$
|
63,044
|
$
|
274,847
|
$
|
285,801
|
||||||||
|
||||||||||||||||
Weekly average trucks in service
|
1,577
|
1,648
|
1,531
|
1,751
|
||||||||||||
Revenue per truck per week (b)
|
$
|
3,489
|
$
|
2,911
|
$
|
3,433
|
$
|
3,130
|
Computational notes:
|
|
(a)
|
Operating expenses divided by total operating revenue.
|
(b)
|
Average daily revenue times seven divided by weekly average trucks in service.
|
|
Three Months
|
Twelve Months
|
||||||||||||||
Truckload
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Total linehaul miles (a)
|
22,625
|
21,317
|
86,186
|
109,065
|
||||||||||||
Loaded miles (a)
|
19,790
|
18,658
|
75,680
|
96,547
|
||||||||||||
Empty mile ratio (b)
|
12.5
|
%
|
12.5
|
%
|
12.2
|
%
|
11.5
|
%
|
||||||||
Linehaul revenue per total mile (c)
|
$
|
1.52
|
$
|
1.52
|
$
|
1.49
|
$
|
1.43
|
||||||||
Linehaul revenue per loaded mile (d)
|
$
|
1.73
|
$
|
1.74
|
$
|
1.70
|
$
|
1.62
|
||||||||
Linehaul shipments (a)
|
21.1
|
21.2
|
82.0
|
107.6
|
||||||||||||
Loaded miles per shipment (e)
|
938
|
877
|
923
|
897
|
||||||||||||
Less-than-truckload
|
||||||||||||||||
Hundredweight (a)
|
2,236
|
1,843
|
8,761
|
8,038
|
||||||||||||
Shipments (a)
|
74.6
|
61.5
|
291.5
|
259.8
|
||||||||||||
Linehaul revenue per hundredweight (f)
|
$
|
15.20
|
$
|
14.17
|
$
|
14.60
|
$
|
13.94
|
||||||||
Linehaul revenue per shipment (g)
|
$
|
456
|
$
|
425
|
$
|
439
|
$
|
431
|
||||||||
Average weight per shipment (h)
|
2,999
|
3,000
|
3,006
|
3,094
|
Computational notes:
|
|
(a)
|
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 LTL shipments.
|
|
2012
|
2011
|
||||||
Total company tractors available for freight operations
|
1,490
|
1,390
|
||||||
Total owner-operator tractors available for freight operations
|
317
|
266
|
||||||
Total tractors available for freight operations
|
1,807
|
1,656
|
||||||
Total trailers available for freight operations
|
3,252
|
3,388
|