Frozen Food Express Industries has reported its first quarterly profit since 2006.
In the second quarter ended June 30, 2008, revenue rose by $16 million, or 14.1%, to $129.0 million from $113.0 million in the same quarter of 2007. Average number of trucks in service totaled 2,028 during second quarter 2008, or 96 fewer than the 2007 quarter. Revenue from the firm’s non-asset based intermodal and brokerage service offerings almost doubled to $11.9 million during the 2008 second quarter compared with the 2007 quarter.
Net income totaled $274,000 in the 2008 quarter in contrast to a net loss of $661,000 a year ago.
Stoney M. "Mit" Stubbs Jr., president and chief executive officer, said, "In 2008, we have seen the economy begin to fray and fuel prices that no one thought possible—let alone predicted. Addressing the 2007 challenges left us leaner, more agile, and better able to deal with the 2008 challenges. Our operating ratio, which is defined as the company’s total operating expenses as a percentage of revenue and is a key measure of any trucker’s profitability, has been 104.1%, 101.5%, and 100.0%, respectively, for each of the three most recent quarters.
"We were able to improve our trucking revenue in a tougher freight market and improve our bottom-line performance, sequentially. Layer on the fuel crisis, and this is the most challenging environment I can recall."