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FFE posts narrow quarterly gain, loss for first half 2002

Frozen Food Express Industries, Dallas TX, has reported a narrow gain in revenue for the three months ending June 30, 2002, compared to the same quarter 2001. Earnings per share for the quarter remained the same as in 2001 at two cents per share. Freight revenue rose 1.5% for the quarter, but revenue from fuel surcharges dropped by 50% with a resulting $217,000 decline in total freight revenue when compared to 2001. In addition, non-freight revenue declined roughly $10 million for the quarter as a result of the company’s sale of its refrigeration unit and trailer dealerships in December 2001. Net income for the second quarter 2002 was $303,000 up from $248,000 in 2001. Earnings per share was the same two cents for both periods. For the second quarter 2002, income from operations was $836,000, down slightly from $856,000 in 2001, but pre-tax income improved to $655,000, up from $426,000 in 2001.

For the first half of 2002, the company reported a net loss of $556,000 compared to a net loss of $636,000 for the first two quarters of 2001. This translates to a loss per share of three cents compared to a loss of four cents per share for the first half of 2001.

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