3/30/2012 10:30:00 AM
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Frozen Food Express Industries reported higher losses for the fourth quarter and full year.
The refrigerated carrier said late Thursday it lost $11.8 million, or 67 cents a share, for the quarter, compared with a loss of $1.5 million, or 9 cents, a year earlier.
Revenue dipped to $92 million, from $94 million, while revenue excluding fuel surcharges declined to $74 million, from $79 million.
Less-than-truckload revenue slipped to $26.1 million, from $28.1 million, while truckload revenue fell to $36.9 million, from $47.7 million.
For the full year, the company reported a loss of $36.7 million, or $2.08 per share, compared with a loss of $11.9 million, or 69 cents, in 2010. Revenue rose to $388 million, from $369 million.
CEO Russell Stubbs said the company “faced strong headwinds� in 2011 with “an uncertain economy, unstable fuel costs, driver shortages, and increased commodity costs.�
He also outlined a plan to return the company to profitability by exiting low-margin businesses, reinvesting in “growth businesses� and improving efficiency.
The company said it anticipates a loss during the first quarter, but expects to produce “near breakeven profitability� in 2012.
Frozen Food Express is ranked No. 57 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
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