11-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

_________________________________________________

FOR ANNUAL REPORTS OF EMPLOYEE STOCK

PURCHASE SAVINGS AND SIMILAR PLANS

PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

þ	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended December 31, 2006
or
o	TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from ____________ to ____________

Commission file number: 1-10006

A.  Full title of the plan and the address of the plan, if different from that of the issuer named below:

Frozen Food Express Industries, Inc.

401(k) Savings Plan

B.  Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Frozen Food Express Industries, Inc.

1145 Empire Central Place

Dallas, Texas 75247

FROZEN FOOD EXPRESS INDUSTRIES, INC.

401(k) SAVINGS PLAN

TABLE OF CONTENTS

	Page No.
Financial Statements:
Statements of Net Assets Available for Plan Benefits at December 31, 2006 and 2005		2
Statements of Changes in Net Assets Available for Plan Benefits, for the Years ended December 31, 2006, 2005 and 2004		3
Notes to Financial Statements		4
Supplemental Schedules
Schedule of Assets
Held at End of Year		8
Acquired and Disposed of Within the Year		9
Schedule of Reportable Transactions		10
Report of Independent Registered Public Accounting Firm		11
Signatures		12
Exhibit 23--Consent of Independent Registered Public Accounting Firm		13

Page 1

FROZEN FOOD EXPRESS INDUSTRIES, INC.

401(k) SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS

December 31, 2006 and 2005

		2006		2005
Investments (at fair value)	$	33,184,648	$	40,630,633
Participant notes receivable		1,883,892		1,945,248
Employer contributions receivable		78,761		77,688
Employee contributions receivable		333,433		325,765
Other		35,006		41,491
Total investments		35,515,740		43,020,825
Less:
Benefits payable		4,036,335		4,624,549
Other		28,221		59,967
		4,064,556		4,684,516
Net assets (at fair value)		31,451,184		38,336,309
Adjustment from fair value to contract value for fully benefit-responsive investment contracts (Note 6)		62,856		-0-
Net assets available for plan benefits (at contract value)	$	31,514,040	$	38,336,309

See accompanying notes and report of independent registered public accounting firm.

Page 2

FROZEN FOOD EXPRESS INDUSTRIES, INC.

401(k) SAVINGS PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS

Years Ended December 31, 2006, 2005 and 2004

		2006			2005			2004
Investment income:
Dividend income	$	1,479,510		$	414,586		$	198,756
Interest income		121,510			231,083			179,309
		1,601,020			645,669			378,065
Administration expense	(	132,371	)	(	134,591	)	(	114,621	)
Realized gain		4,171,516			7,164,362			2,798,530
Net unrealized  (depreciation) appreciation in market value of investments	(	9,179,332	)	(	12,814,879	)		17,358,620
Employee contributions		2,123,434			1,986,532			1,842,907
Employer contributions		597,486			518,452			526,854
	(	2,419,267	)	(	3,280,124	)		22,412,290
Decrease in fair market value of plan benefits payable to participants	(	6,004,022	)	(	5,865,612	)	(	6,131,211	)
Net (decrease) increase	(	6,822,269	)	(	8,500,067	)		16,659,144
Net assets available for plan benefits at beginning of year		38,336,309			46,836,376			30,177,232
Net assets available for plan benefits at end of year	$	31,514,040		$	38,336,309		$	46,836,376

See accompanying notes and report of independent registered public accounting firm.

Page 3

FROZEN FOOD EXPRESS INDUSTRIES, INC.

401(k) SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2006

1.   Description of the Savings Plan

The Frozen Food Express Industries, Inc. 401(k) Savings Plan (the "Savings Plan") is a defined contribution plan covering substantially all employees of Frozen Food Express Industries, Inc. ("FFEX") and its wholly-owned subsidiaries (the "Employer"). The Savings Plan is designed to comply with the Employee Retirement Income Security Act of 1974 ("ERISA") and to allow employees the option of investing in common stock of FFEX or in other investment funds designated by the Savings Plan committee (the "Savings Committee"). Participants should refer to the Savings Plan agreement for a more complete description of the Savings Plan's provisions.

Contributions - Participants may elect to contribute to the Savings Plan through periodic payroll deductions, subject to limits defined by the Savings Plan. Participants may also make a rollover contribution from other qualified plans or rollover IRA. Generally, for eligible participants, the Company matches contributions at 50 cents for each pre-tax dollar contributed up to the first 4% of eligible pay.

Employee contributions, excluding rollovers, amounted to $2,050,653, $ 1,931,509, and $1,841,194, in 2006, 2005 and 2004, respectively.  In addition, Employer cash contributions to the Savings Plan amounted to $596,413, $456,563, and $157,594 in 2006, 2005 and 2004, respectively.  During 2004, 48,928 shares of FFEX stock, valued at $319,477, were contributed to the Savings Plan. No shares of FFEX stock were contributed during 2005 and 2006.

Eligibility - An employee who completes 90 days of employment with the employer may enter the Savings Plan on the first business day of the month thereafter.

Participants' Accounts - Each participant account is credited with the participant's contributions and an allocation of (a) the employer's contributions, and (b) plan earnings. Allocations of plan earnings are based on participants' account balances, allocations of employers' contributions are based on participants' quarterly contributions, and allocations of forfeitures are based on the participants' annual compensation.

Participant Notes Receivable - Participants may borrow from their fund accounts in an amount not to exceed the lesser of $50,000 or 50% of the Participant's vested account balance. Loan transactions are treated as a transfer between the investment fund and the Participant Notes Receivable. Loan terms range from one to five years, or up to ten years for the purchase of a primary residence. The loans are secured by the balance in the participant's account and bear interest at a reasonable rate as determined by the Savings Committee. The interest rates charged for loans made in 2006, 2005 and 2004 ranged from 5.00% to 7.75%. Principal and interest payments are due in substantially level amortized payments, payable not less than quarterly, through payroll deductions.

Vesting - Upon termination of employment, participants are entitled to receive 100% of their own contributions and any earnings thereon. Participants' benefits from Employer contributions begin to vest upon two years of credited service and vest 100% upon six years of credited service as defined by the Savings Plan.

Page 4

FROZEN FOOD EXPRESS INDUSTRIES, INC.

401(k) SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS — (Continued) 

Investment Options - During each of the three years ending December 31, 2006, participants could direct employee contributions in any of ten investment options, as follows:

· Stable Value Fund - The fund invests in assets whose principal value remains stable regardless of stock and bond market fluctuations. The Savings Committee has selected the ABN AMRO Income Plus Fund as the investment vehicle for this fund.  

· Intermediate Bond Fund - The fund invests in fixed-income securities including corporate bonds, U.S. government securities, mortgage-related securities, and money-market instruments. The Savings Committee has selected the PIMCO Total Return Institutional Fund as the investment vehicle for this fund.  

· Mixed Investment Fund - The fund may invest a large portion of its assets in common stock and convertible securities. Prospective dividends and earnings are major considerations in these purchases. The Savings Committee has selected the ABN AMRO Balanced Class N Fund as the investment vehicle for this fund.

· Stock Index Fund - The fund attempts to replicate the aggregate return and risk of the Standard & Poor's 500 index. The fund will purchase all, or a representative sample of all the stocks held in the S&P 500 index. The Savings Committee has selected the ABN AMRO S&P 500 Index Fund as the investment vehicle for this fund.  

· Large Cap Growth Stock Fund - The fund seeks capital appreciation by investing primarily in securities that are expected by the fund to grow at an above average rate. The Savings Committee has selected the ABN AMRO Growth Class N Fund as the investment vehicle for this fund.

· Large Cap Value Stock Fund - This fund seeks capital appreciation by investing in large companies that are currently considered by the fund to be undervalued or demonstrate growth in earnings and revenue. The Savings Committee has selected the Van Kampen Growth and Income Fund as the investment vehicle for this fund.  

· Small Growth Stock Fund - The fund invests primarily in common stocks of companies whose earnings are growing at an accelerating rate. The Savings Committee has elected the ABN AMRO Veredus Aggressive Growth Fund as the investment vehicle for this fund.

· Small Cap Value Stock Fund - The fund seeks capital growth by investing in small-sized companies that are currently considered by the fund to be undervalued or demonstrate growth in earnings and revenue. The Savings Committee has selected the Delaware Small Cap Value A as the investment vehicle for this fund.  

· International Stock Fund - The fund invests primarily in stocks and debt securities of companies and governments outside the United States. The Savings Committee has selected the Julius Baer International Equity Fund as the investment vehicle for this fund.

· Frozen Food Express Industries, Inc. Unitized Stock Fund - Funds that are invested in the common stock of FFEX and a modest amount of cash and cash equivalents.

Administration - The Savings Plan is administered by a committee appointed by the Board of Directors of FFEX. Administrative expenses not paid by FFEX are paid by the Savings Plan.

Termination of the Plan - While the employer has not expressed any intent to discontinue its contributions, employers are free to discontinue contributions and FFEX may terminate the Savings Plan at any time. If terminated, net assets of the Savings Plan would be distributed to participants and beneficiaries as prescribed by the terms of the Savings Plan, in accordance with ERISA. Upon termination of the Savings Plan, participants' accounts become 100% vested.

Forfeited accounts - At December 31, 2006, forfeited non-vested accounts totaled $31,888. These accounts will be used to reduce employer expenses. During 2004, 2005 and 2006, employer expenses were reduced by $60,195, $91,276 and $140,830, respectively, from forfeited non-vested accounts. 

Page 5

FROZEN FOOD EXPRESS INDUSTRIES, INC.

401(k) SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS — (Continued)

2.   Summary of Significant Accounting Policies

Basis of accounting - The financial statements of the Savings Plan are prepared under the accrual method of accounting.

Accounting estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Savings Committee to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual outcomes may vary from these estimates.

Valuation of investments - Investments are valued based on the quoted market price on the last day of the year. The change in the difference between current market value and cost of the investment is reflected in the statement of changes in net assets available for plan benefits by investment fund as net unrealized appreciation or depreciation in market value of investments.  

3.  Net Asset Values 

The following table presents the net asset values of each investment fund as of December 31, 2006 and 2005:

		2006		2005
Frozen Food Express Industries, Inc. Unitized Stock Fund, 1,001,707shares and 1,209,918 shares, respectively. *	$	14,232,763	$	22,370,643
ABN AMRO Income Plus Fund, 658,242 shares and 479,624 shares, respectively.		3,751,081		2,740,476
PIMCO Total Return Institutional Fund, 196,751 and 231,908 shares, respectively.		1,934,209		2,243,115
ABN AMRO Balanced Class N Fund, 311,085 shares and 196,023 shares, respectively.		2,183,757		1,861,271
ABN AMRO S&P 500 Index Fund, shares 221,118 and 245,930 shares, respectively.		1,188,671		1,174,668
ABN AMRO Growth Class N Fund, 47,138 shares and 50,178 shares, respectively.		888,698		1,004,330
Van Kampen Growth & Income Fund, 94,690 shares and 93,150 shares, respectively.		1,838,175		1,737,311
Julius Baer International Equity Fund, 53,178 shares and 46,058 shares, respectively.		1,847,219		1,510,515
ABN AMRO/Veredus Aggressive Growth Fund, 54,535 shares and 61,810 shares, respectively.		893,412		1,056,010
Delaware Small-Cap Value, 27,316 shares and 22,364 shares, respectively.		872,164		692,722
	$	29,630,149	$	36,391,061

*Includes non-participant-directed shares at December 31, 2006 and 2005 of 221,754 and 242,939 (unitized shares), respectively. Net asset value of such shares were $3,521,600 and $4,968,822 as of December 31, 2006 and 2005, respectively. Effective January 1, 2007, the plan was amended to permit complete participant-directed diversification.

During 2006, the Savings Plan's investments (including realized gains and losses on investments bought and sold, as well as investments held during the year) depreciated in value by $6,760,912 as follows:

	Depreciated/ (Appreciated)
Frozen Food Express Industries, Inc. Unitized Stock Fund	$	8,137,880
Other Funds	(	1,376,968	)
	$	6,760,912

Page 6

FROZEN FOOD EXPRESS INDUSTRIES, INC.

401(k) SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS — (Continued)

4.  Income Tax Status

The Savings Plan obtained its latest determination letter on August 29, 1996, in which the Internal Revenue Service stated that the plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code.  The Savings Plan has been amended since receiving the determination letter. However, the Savings Plan administrator and the Savings Plan's tax counsel believe that the Savings Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code.  Therefore, no provision for income taxes has been reflected in the Savings Plan's financial statements.

5.  Plan Amendment

During the year ended December 31, 2006, the plan was amended to provide a six-year graded vesting schedule for participants who terminate employment after December 31, 2006 to permit employees who have attained age 59 ½ to withdraw all their Employer Stock Ownership Plan (“ESOP”) accounts, to provide that the Trustee shall invest ESOP accounts solely in common stock of FFEX, to permit employees to make after-tax “Roth” 401(k) contributions and allow employees with three years of service the right to sell common stock of FFEX at the rate of 33% of the ESOP accounts per year for the following three years. On May 16, 2007, the plan was amended and restated effective January 1, 2007, to permit complete participant-directed diversification of the ESOP accounts. During the year ended December 31, 2005, the plan was amended to provide, effective March 1, 2005, additional opportunities for Participants who have attained age fifty to diversify the investment of their ESOP accounts. During the year ended December 31, 2004, the plan was amended to allow Matching Employer Contributions to be made in either Company Stock or in cash.  

6.  Recent Accounting Pronouncements

In December 2005, the Financial Accounting Standards Board (FASB) issued a FASB Staff Position (FSP) AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans. The FSP is effective for plan years ended after December 15, 2006. The plan adopted the standard for its 2006 plan year.

Within its investment options, the Plan offers a Stable Value Fund via the ABN AMRO Income Plus Fund. This fund primarily invests in guaranteed investment contracts (GICs) issued by insurance companies and other financial institutions as well as debt or equity securities. In this fund, GICs are wrapper contracts used to mitigate the risk that the interest crediting rate does not result in a future interest crediting rate that is less than zero. An interest crediting rate less than zero would result in a loss of principal or accrued interest.

Detail of the fair value adjustment are as follows:

Investment Fund	Major Credit  Ratings		Investments at Fair Value		Wrapper Contracts at Fair Value		Adjustment to Contract Value
ABN AMRO Income Plus Fund		NA	$	3,977,959		---	$	62,856

Page 7

FROZEN FOOD EXPRESS INDUSTRIES, INC.

401(k) SAVINGS PLAN

PLAN 001

EIN 75-1031831

SCHEDULE H, PART IV, LINE 4i-SCHEDULE OF ASSETS

(HELD AT END OF YEAR)

December 31, 2006

(a)	(b) Identity of Issue	(c) Description of  Investment		(d) Cost		(e) Current Value
*	Frozen Food Express Industries, Inc. Unitized Stock Fund		1,001,707 Shares	$	7,824,719	$	16,221,299
	ABN AMRO Income Plus Stable Value		658,242 Shares		3,856,759		3,977,959
	PIMCO Total Return Institutional Fund Intermediate Bond		196,751 Shares		2,077,845		2,042,280
	ABN AMRO Balanced Mixed Investment		311,085 Shares		3,029,087		2,317,586
	ABN AMRO S&P 500 Index Index Stock		221,118  Shares		1,047,752		1,325,886
	ABN AMRO Growth Basic Stock		47,138 Shares		995,651		957,381
	Van Kampen Growth Growth Stock		94,690 Shares		1,857,938		2,090,751
	Julius Baer International Equity International Stock		53,178 Shares		1,901,737		2,245,739
	Veredus Aggressive Growth Small-Cap Stock		54,535 Shares		905,501		955,460
	Delaware Small-cap Value		27,316 Shares		1,055,932		1,050,307
				$	24,552,921	$	33,184,648
	Loans to Participants		Interest bearing notes at 5.00%-7.75%	$	1,883,892	$	1,883,892

*Party-in-interest to the Plan

Page 8

FROZEN FOOD EXPRESS INDUSTRIES, INC.

401(k) SAVINGS PLAN

PLAN 001

EIN 75-1031831

SCHEDULE H, PART IV, LINE 4i-SCHEDULE OF ASSETS

(ACQUIRED AND DISPOSED OF WITHIN THE YEAR)

December 31, 2006

(a) Identity of Issue	(b) Description of Investment		(c) Cost		(d) Proceeds
Frozen Food Express Industries, Inc. Unitized Stock Fund		292,580 shares	$	2,151,829	$	5,667,525

* These are total shares sold within the plan year, not necessarily just those shares acquired and disposed within the plan year.

All other investment assets that were both acquired and disposed of during the plan year were interests issued by a company registered under the Investment Company Act of 1940.  Therefore, these transactions are excluded from this schedule in accordance with the Specific Instructions for Form 5500.

Page 9

FROZEN FOOD EXPRESS INDUSTRIES, INC.

401(k) SAVINGS PLAN

PLAN 001

EIN 75-1031831

SCHEDULE H, PART IV, LINE 4j-SCHEDULE OF REPORTABLE TRANSACTIONS

December 31, 2006

			Purchases
(a) Identity of Party Involved	(b) Description		Shares/Units		(g) Cost		(h) Market Value			(i) Net Gain or (Loss)
Frozen Food Express Industries, Inc. *		Unitized Stock		84,369	$	1,551,619	$	1,366,243	$	(	185,376	)
ABN AMRO		Stable Value		561,074		3,356,124		3,444,322			88,197
PIMCO		Intermediate Bond		116,855		1,211,618		1,212,951			1,334
ABN AMRO		Balanced		248,836		2,294,600		1,853,830		(	440,770	)
ABN AMRO		Stock Index		73,060		399,577		438,089			38,512
ABN AMRO		Large-cap Growth		17,821		389,704		361,954		(	27,750	)
Van Kampen		Large-cap Value		56,963		1,207,025		1,257,732			50,708
ABN AMRO		Small-cap Growth		22,942		443,049		401,947		(	41,102	)
Delaware		Small -cap Value		15,679		616,201		602,855		(	13,346	)
Julius Baer		International Stock		34,912		1,409,943		1,474,350			64,408

*Party in interest to the Plan.

Page 10

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Administrative Committee of the Savings Plan for

Employees of Frozen Food Express Industries, Inc.:

We have audited the accompanying statements of net assets available for plan benefits of the 401(k) Savings Plan for Employees of Frozen Food Express Industries, Inc. (the "Savings Plan") as of December 31, 2006 and 2005, and the related statements of changes in net assets available for plan benefits for each of the three years in the period ended December 31, 2006. These financial statements are the responsibility of the Savings Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Savings Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Savings Plan’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the 401(k) Savings Plan for Employees of Frozen Food Express Industries, Inc., as of December 31, 2006 and 2005, and the changes in net assets available for plan benefits for each of the three years in the period ended December 31, 2006 in conformity with accounting principles generally accepted in the United States of America.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental schedules on pages 9, 10 and 11, together referred to as “supplemental information”, are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the United States Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.  This supplemental information is the responsibility of the Savings Plan’s management.  The supplemental information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ Waters, Wright & Associates, LLP

Waters, Wright & Associates, LLP

Mansfield, Texas

June 27, 2007

Page 11

FROZEN FOOD EXPRESS INDUSTRIES, INC 401(k) SAVINGS PLAN

SIGNATURE

      Pursuant to the requirements of the Securities Exchange Act of 1934, the Chairman of the Savings Plan Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

Frozen Food Express Industries, Inc.

401(k) Savings Plan

 Date: June 27, 2007 /s/ Stoney M. Stubbs, Jr. Name: Stoney M. Stubbs, Jr. Title:  Chairman of Savings Plan Committee

Page 12

EX-23

EXHIBIT 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-56204 and No. 333-87915) of our report on the financial statements and supplemental schedules of the Frozen Food Express Industries, Inc. 401(k) Savings Plan dated June 27, 2007, included in this Annual Report on Form 11-K for the year ended December 31, 2006.

/s/ Waters, Wright & Associates, LLP

Waters, Wright & Associates, LLP

Mansfield, Texas

June 27, 2007