Frozen Food Express Industries Inc has announced its financial and operating results for the quarter ended June 30, 2009.
For the current quarter, revenue excluding fuel surcharges decreased 11.8% to $84.5 million from $95.8 million. Total revenue for the quarter declined 26.5% to $94.9 million from $129.0 million in 2008. For the six-month period ended June 30, 2009, revenue excluding fuel surcharges fell 11.6% to $167.5 million from $189.5 million in 2008, while total year to date revenue decreased 23.9% to $187.1 million from $245.8 million in 2008.
Stoney M “Mit” Stubbs, president and chief executive officer, said, “The US economy remains in a severe recession and we continue to face adverse economic pressures. We continue to experience significant revenue and profit challenges in the current environment. While our results reflect these revenue and profit challenges, we continue to take steps to reduce our cost structure while focusing on initiatives to incrementally increase volume and margins.”
Despite the second quarter operating loss, Frozen Food Express continues to be in a strong cash position with no debt outstanding under its revolving credit agreement as of the end of the quarter. For the six months ending June 30, 2009, the company generated cash flows from operations of $8.5 million and maintains a strong working capital position.
The Dallas TX-based company continues to invest in its future including the recent opening of its Burlington NJ less-than-truckload service center, optimization software to allow for customer tracking of freight, and global tracking and remote temperature control capabilities.