-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DaRTe8jlhH72Sc+sJCadclk2z790xepOyQydpOAXyuXX9TuszIZaN2chkGwcawPv ThH3Q5gGQJxB1zYRdXOQhQ== 0001019687-04-000926.txt : 20040430 0001019687-04-000926.hdr.sgml : 20040430 20040429200616 ACCESSION NUMBER: 0001019687-04-000926 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040428 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FROZEN FOOD EXPRESS INDUSTRIES INC CENTRAL INDEX KEY: 0000039273 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 751301831 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10006 FILM NUMBER: 04767062 BUSINESS ADDRESS: STREET 1: 1145 EMPIRE CENTRAL PLACE CITY: DALLAS STATE: TX ZIP: 75247 BUSINESS PHONE: 2146308090 8-K 1 frozen_8k-042804.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) APRIL 28, 2004 FROZEN FOOD EXPRESS INDUSTRIES, INC. ------------------------------------ (Exact name of registrant as specified on its charter) TEXAS 1-10006 75-1301831 ----- ------- ---------- (State or other jurisdiction of (Commission (IRS Employer incorporation or organization) File Number) Identification No.) 1145 EMPIRE CENTRAL PLACE, DALLAS, TEXAS 75247-4309 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 214-630-8090 NOT APPLICABLE -------------- Former name or former address, if changed since last report Item 7. Financial Statements and Exhibits --------------------------------- (c) Exhibits The following exhibits are filed pursuant to Item 601 of Regulation S-K: Designation of Exhibits in this Report Description of Exhibit - ----------------------- ---------------------- 99.1 News Release of Frozen Food Express Industries, Inc. dated April 28, 2004 Item 12. Results of Operations and Financial Condition. ---------------------------------------------- A copy of the news release issued by Frozen Food Express Industries, Inc. on Wednesday, April 28, 2004, announcing operating results for the three months ended March 31, 2004 is attached hereto as Exhibit 99.1. The information in this report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other documents filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Pursuant to the requirements of the Securities Exchange Act of l934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. FROZEN FOOD EXPRESS INDUSTRIES, INC. ----------------------------------------- (Registrant) April 29, 2004 By: /s/ F. Dixon McElwee, Jr. ------------------------------------- F. Dixon McElwee, Jr. Senior Vice President Principal Financial and Accounting Officer 2 EX-99.1 2 frozen_8kex99-1.txt EXHIBIT 99.1 - ------------ For: Frozen Food Express From: Mike Engleman Industries, Inc. Mike Engleman/Associates Listed: Nasdaq (FFEX) 11308 Valleydale - ------ Dallas, TX 75230 Company Contacts: (214) 373-6464 - ---------------- Stoney M. (Mit) Stubbs, Jr. (CEO) F. Dixon McElwee, Jr. (CFO) (214) 630-8090 FOR IMMEDIATE RELEASE - --------------------- FROZEN FOOD EXPRESS INDUSTRIES REPORTS FIRST QUARTER 2004 PROFIT VERSUS 2003 LOSS Dallas, Texas, April 28, 2004--Frozen Food Express Industries, Inc. (Nasdaq: FFEX) today reported the highest net income for any first quarter in it's 58 years of existence. First quarter 2004 net income was $1,940,000, or 11 cents a share, diluted, on revenue of $103,377,000. For the same period of 2003, the company incurred a loss of $668,000, or 4 cents a share, on revenue of $91,454,000. Freight revenue improved by 14% between the first three months of 2003 and 2004, to $100,905,000. Fuel adjustment charges comprised 4.9% of 2004's freight revenue, as compared to 4.7% during the comparable 2003 period. Operating income generated by the company's trucking operations was $3,310,000 for 2004's first quarter--as compared to operating income of $89,000 for the same period of 2003. Non-freight operations, which lost money in every quarter of 2003, accumulating more than $5 million in 2003 operating losses, posted first-quarter 2004 operating income of $10,000. "I'm almost as proud of AirPro's (the non-freight subsidiary) operating profit as I am the good performance of our trucking operations," said Stoney M. (Mit) Stubbs, Jr., FFEX chairman and CEO. "The new management we brought in last fall has come up with a very good, very quick turnaround effort. "But, of course, it's trucking results that are most important to us. "Since we're primarily a refrigerated trucker, our year is typically seasonal. Normally the first quarter is our weakest. Almost always we're the busiest during the warmer months--the second and third quarters. Demand for trucking service is strong, and the supply of trucks is tight right now and, as drivers leave truck driving for warm-weather jobs in construction, the national supply is likely to get tighter. Strong demand and tight supply mean that freight rates should continue to rise. "We're looking forward to a very active 2004," Mr. Stubbs concluded. CONFERENCE CALL AND WEBCAST - --------------------------- As previously announced, FFEX will hold a telephonic conference call tomorrow morning, April 29 at 10:30 central time (11:30 am eastern time) to discuss the first quarter 2004 operating results. Individuals wishing to participate in the conference call may do so by dialing (888) 396-2298 or (617) 847-8708 and entering the pass code 20472252 prior to the beginning of the call. There will also be a live web cast of the conference call that can be accessed by clicking on the web cast icon at www.ffex.net. A replay of the web cast will be available on the company's web site or by telephone at (888) 396-2298 for 90 days following the live web cast. The pass code for the replay will be 50951470. SUPPLEMENTARY INFORMATION - ------------------------- Information about FFEX's operating results during the first quarters of 2004 and 2003 is presented in the following table. Revenue amounts exclude revenue from fuel adjustment charges: 2004 2003 ---- ---- FULL-TRUCKLOAD: Revenue (1) $ 67.2 $ 57.3 Total miles(1) 54.6 49.4 Shipments(2) 53.6 47.0 Per-mile revenue $ 1.23 $ 1.16 Per-shipment revenue $1,254 $1,219 Empty mile ratio 9.1 % 9.7 % LESS-THAN-TRUCKLOAD: Revenue(1) $ 28.8 $ 27.0 Total miles(1) 9.6 9.5 Shipments(2) 85.0 77.9 Per-mile revenue $ 3.00 $ 2.84 Per-shipment revenue $ 339 $ 347 Empty mile ratio 6.5 % 7.2 % OTHER INFORMATION: As of March 31 Tractors in service 2,304 2,180 Trailers in service 3,753 3,569 ===== ===== -------- (1) In millions (2) In thousands ABOUT FFEX - ---------- Frozen Food Express Industries, Inc. is the largest publicly-owned, temperature-controlled carrier of perishable goods (primarily food products, health care supplies and confectionery items) on the North American continent. Its services extend from Canada, throughout the 48 contiguous United States, into Mexico. The refrigerated trucking company is the only one serving this 2 market that is full-service--providing full-truckload, less-than-truckload and distribution transportation of refrigerated and frozen products. Its refrigerated less-than-truckload operation is also the largest on the North American continent. The company also provides full-truckload transportation of non-temperature-sensitive goods through its non-refrigerated trucking arm, American Eagle Lines. FORWARD-LOOKING STATEMENTS - -------------------------- This report contains information and forward-looking statements that reflect management's current beliefs and expectations and assumptions which are based upon information currently available. Forward-looking statements include statements relating to plans, strategies, objectives, expectations, intentions, and adequacy of resources, and may be identified by words such as "will", "could", "should", "believe", "expect", intend", "plan", "schedule", "estimate", "project" and similar expressions. These statements are based on current expectations and are subject to uncertainty and change. Although management believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Should one or more of the risks or uncertainties underlying such expectations not materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Among the key factors that are not within management's control and that may have a bearing on operating results are demand for the company's services and products, and its ability to meet that demand, which may be affected by, among other things, competition, weather conditions and the general economy, the availability and cost of labor, the ability to negotiate favorably with lenders and lessors, the effects of terrorism and war, the availability and cost of equipment, fuel and supplies, the market for previously-owned equipment, the impact of changes in the tax and regulatory environment in which the company operates, operational risks and insurance, risks associated with the technologies and systems used and the other risks and uncertainties described in the company's filings with the Securities and Exchange Commission. 3 CONSOLIDATED STATEMENTS OF INCOME FROZEN FOOD EXPRESS INDUSTRIES, INC. AND SUBSIDIARIES THREE MONTHS ENDED MARCH 31, (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED) 2004 2003 ---- ---- Revenue Freight revenue $100,905 $ 88,521 Non-freight revenue 2,472 2,933 --------- --------- 103,377 91,454 --------- --------- Costs and expenses Salaries, wages and related expenses 25,549 23,778 Purchased transportation 26,339 21,734 Supplies and expenses 28,861 26,455 Revenue equipment rent 6,739 6,678 Depreciation 4,612 3,512 Communications and utilities 974 1,073 Claims and insurance 2,888 2,991 Operating taxes and licenses 1,128 1,074 Miscellaneous expense 505 1,137 --------- --------- 97,595 88,432 Non-freight costs and operating expenses 2,462 3,528 --------- --------- 100,057 91,960 --------- --------- Income (loss) from operations 3,320 (506) Interest and other expense, net 226 363 --------- --------- Income (loss) before income tax 3,094 (869) Income tax provision (benefit) 1,154 (201) --------- --------- Net income (loss) $ 1,940 $ (668) ========= ========= Net income (loss) per share of common stock Basic $ .11 $ (.04) ========= ========= Diluted $ .11 $ (.04) ========= ========= Weighted average shares outstanding Basic 17,139 16,706 ========= ========= Diluted 18,261 16,706 ========= ========= 4 CONSOLIDATED BALANCE SHEETS FROZEN FOOD EXPRESS INDUSTRIES, INC. AND SUBSIDIARIES (IN THOUSANDS) (UNAUDITED)
Mar. 31, Dec. 31, 2004 2003 ---- ---- Assets Current assets Cash and cash equivalents $ 1,088 $ 1,396 Accounts receivable, net 52,732 55,094 Inventories 3,551 4,054 Tires on equipment in use 5,126 5,657 Deferred federal income tax 1,464 2,657 Other current assets 7,490 7,843 --------- --------- Total current assets 71,451 76,701 Property and equipment, net 63,646 66,551 Other assets 11,599 12,358 --------- --------- $146,696 $155,610 ========= ========= Liabilities and Shareholders' Equity Current liabilities Accounts payable $ 20,859 $ 25,045 Accrued claims 7,622 7,195 Accrued payroll 5,943 3,813 Accrued liabilities 2,218 2,907 --------- --------- Total current liabilities 36,642 38,960 Long-term debt 6,500 14,000 Deferred federal income tax 2,746 2,878 Accrued claims and liabilities 14,522 15,718 --------- --------- 60,410 71,556 Shareholders' equity Par value of common stock (17,314 and 17,281 shares issued) 25,971 25,921 Capital in excess of par value 951 1,097 Retained earnings 59,789 57,849 --------- --------- 86,711 84,867 Less - Treasury stock (128 and 587 shares), at cost 425 813 --------- --------- Total shareholders' equity 86,286 84,054 --------- --------- $146,696 $155,610 ========= =========
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