DALLAS, June 14 /PRNewswire-FirstCall/ -- Frozen Food Express
Industries, Inc. (NASDAQ:FFEX) announced that it has filed its 2005
Annual Report on Form 10-K with the Securities and Exchange
Commission ("SEC"). As previously reported in a Form 12b-25 filed
with the SEC on May 11, 2006, the company requested and was granted
continued listing of its common stock on the Nasdaq Stock Market
subject to compliance with certain conditions, which included
filing the Form 10-K on or before June 16, 2006. The company also
believes that it will be able to file its Quarterly Report on Form
10-Q for the period ended March 31, 2006 on or before June 30, 2006
as stipulated by the Nasdaq Listing Qualifications Panel. While the
company believes it can meet the deadlines set forth in the Panel's
decision, there can be no assurance that the Company will be able
to do so or that the Panel will continue the Company's listing on
the Nasdaq Stock Market should the Company fail to meet the June
30th filing requirement. For the three months ended December 31,
2005, total revenue increased 14.2%, to $141.9 million, as
expected, from $124.2 million for the same quarter of 2004. Fourth
quarter 2005 total revenue included fuel surcharges of $20.0
million, as compared to $11.5 million for the same quarter of 2004.
Income from operations more than doubled during the fourth quarter
of 2005 to $9.2 million, as compared to $3.8 million during the
same period last year. Net income increased to $6.4 million from
$1.8 million. Earnings per diluted share increased to $.34, as
expected, from $.10 during the same quarter of 2004. Included in
2005's fourth quarter total revenue was $7.0 million associated
with transportation services and trailer rentals from the continued
efforts to assist disaster relief activities caused by Hurricanes
Katrina and Rita. Also included was $35.6 million (excluding fuel
surcharges) in less- than-truckload (LTL) services, up 10.9% from
$32.1 million during the fourth quarter of 2004. For the twelve
months ended December 31, 2005, total revenue increased 10.5% to
$524.1 million from $474.4 million for 2004. During 2005, total
revenue included fuel surcharges of $63.5 million, compared to
$31.7 million during 2004. For the twelve months ended December 31,
2005, freight revenue increased 10.6% to $514.0 million, as
expected, from $464.7 million during the comparable period in 2004.
Income from operations during 2005 was up 74.7% to $30.0 million as
compared to $17.2 million for 2004. Net income increased 90.0% to
$20.4 million from $10.8 million during 2004. Earnings per diluted
share increased by 84.7% to $1.09 during 2005, as expected, as
compared to $.59 during 2004. Net income and earnings per share for
2005 include a $3.8 million gain from the sale of a life insurance
investment which occurred during the second quarter of 2005. Also,
revenue for 2005 includes $8.9 million associated with disaster
relief efforts. Chairman and CEO Stoney M. Stubbs, Jr. commented,
"2005 was remarkable and eventful in many ways. Not only did we
achieve financial success in terms of record earnings, funded to a
current debt-free position, but we were also able to effectively
manage continued challenges placed on our freight operations. With
the new management team in place, we can re-focus our efforts
toward those strategic initiatives that we believe will position us
profitably over the next several years." About FFEX Frozen Food
Express Industries, Inc. is the largest publicly-owned,
temperature-controlled carrier of perishable goods (primarily food
products, health care supplies and confectionery items) on the
North American continent. Its services extend from Canada,
throughout the 48 contiguous United States, and into Mexico. The
refrigerated trucking company is the only one serving this market
that is full-service -- providing full-truckload, less-than-
truckload and dedicated fleet transportation of refrigerated and
frozen products. Its refrigerated less-than-truckload operation is
also the largest on the North American continent. The company also
provides full-truckload transportation of non-temperature-sensitive
goods through its non-refrigerated trucking fleet, American Eagle
Lines. Additional information about Frozen Food Express Industries,
Inc. can be found at the company's web site, http://www.ffex.net/ .
Forward-Looking Statements This report contains information and
forward-looking statements that are based on management's current
beliefs and expectations and assumptions which are based upon
information currently available. Forward-looking statements include
statements relating to plans, strategies, objectives, expectations,
intentions, and adequacy of resources, and may be identified by
words such as "will", "could", "should", "believe", "expect",
"intend", "plan", "schedule", "estimate", "project", and similar
expressions. These statements are based on current expectations and
are subject to uncertainty and change. Although management believes
that the expectations reflected in such forward-looking statements
are reasonable, there can be no assurance that such expectations
will be realized. Should one or more of the risks or uncertainties
underlying such expectations not materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those expected. Among the key factors that are not within
management's control and that may have a bearing on operating
results are demand for the company's services and products, and its
ability to meet that demand, which may be affected by, among other
things, competition, weather conditions and the general economy,
the availability and cost of labor, the ability to negotiate
favorably with lenders and lessors, the effects of terrorism and
war, the availability and cost of equipment, fuel and supplies, the
market for previously-owned equipment, the impact of changes in the
tax and regulatory environment in which the company operates,
operational risks and insurance, risks associated with the
technologies and systems used and the other risks and uncertainties
described in the company's filings with the Securities and Exchange
Commission. FROZEN FOOD EXPRESS INDUSTRIES, INC. AND SUBSIDIARIES
Consolidated Statements of Income For the Three and Twelve Months
Ended December 31, (In thousands, except per-share amounts)
(Unaudited) Three Months Twelve Months 2005 2004 2005 2004 Revenue
(Restated) (Restated) Freight revenue $139,759 $122,923 $514,017
$464,689 Non-freight revenue 2,120 1,317 10,110 9,741 141,879
124,240 524,127 474,430 Costs and expenses Salaries, wages and
related expenses 36,392 32,361 133,538 123,298 Purchased
transportation 31,786 32,463 125,147 125,860 Fuel 22,480 16,578
81,151 60,124 Supplies and expenses 14,957 14,169 63,030 56,488
Revenue equipment rent 8,035 7,162 29,338 30,231 Depreciation 5,019
5,810 21,857 20,719 Communications and utilities 1,272 1,080 4,285
4,016 Claims and insurance 9,029 6,660 19,910 18,056 Operating
taxes and licenses 1,272 1,056 4,692 4,544 Gains on sale of
equipment (1,167) (804) (4,740) (2,184) Miscellaneous operating
expenses 1,300 2,881 6,144 7,170 130,375 119,416 484,352 448,322
Non-freight costs and operating expenses 2,283 1,043 9,765 8,931
132,658 120,459 494,117 457,253 Income from operations 9,221 3,781
30,010 17,177 Interest and other expense (income) (815) 512 (3,363)
85 Income before income tax 10,036 3,269 33,373 17,092 Income tax
provision 3,681 1,467 12,936 6,338 Net income $6,355 $1,802 $20,437
$10,754 Net income per share of common stock Basic $0.36 $0.10
$1.15 $0.62 Diluted $0.34 $0.10 $1.09 $0.59 Weighted average shares
outstanding Basic 17,770 17,290 17,802 17,219 Diluted 18,648 18,378
18,739 18,124 FROZEN FOOD EXPRESS INDUSTRIES, INC. AND SUBSIDIARIES
Operating Statistics Three and Twelve Months Ended December 31,
Three Months Twelve Months Freight revenue from [a]: 2005 2004 2005
2004 Full-truckload linehaul services $62.6 $64.5 $263.2 $258.7
Dedicated Fleets 12.8 5.9 31.5 20.3 Total full-truckload 75.4 70.4
294.7 279.0 Less-than-truckload ("LTL") services 35.6 32.1 131.2
123.2 Fuel surcharges 20.0 11.5 63.5 31.7 Freight brokerage 4.0 7.5
15.6 24.9 Equipment rental 4.7 1.4 9.0 5.9 Total freight revenue
139.7 122.9 514.0 464.7 Freight operating expenses 130.4 119.4
484.4 448.3 Income from freight operations $9.4 $3.5 $29.7 $16.4
Freight operating ratio [b] 93.3% 97.2% 94.2% 96.5% Total
full-truckload revenue $75.5 $70.4 $294.7 $279.0 LTL revenue 35.6
32.1 131.2 123.2 Total linehaul and dedicated fleet revenue $111.0
$102.5 $425.9 $402.2 Weekly average trucks in service 2,285 2,300
2,282 2,292 Revenue per truck per week [c] $3,696 $3,391 $3,579
$3,356 Statistical and revenue data [d]: Full-truckload total
linehaul miles [e] 45.7 49.6 192.9 205.3 Full-truckload loaded
miles [e] 41.0 44.4 173.3 185.7 Full-truckload empty mile ratio [f]
10.3% 10.5% 10.2% 9.5% Full-truckload linehaul revenue per total
mile $1.37 $1.30 $1.36 $1.26 Full-truckload linehaul revenue per
loaded mile $1.53 $1.45 $1.52 $1.39 Full-truckload linehaul
shipments [g] 42.1 44.8 181.6 187.3 Full-truckload loaded miles per
shipment 974 991 954 991 LTL hundredweight [g] 2,298 2,253 8,800
8,579 LTL linehaul revenue per hundredweight $15.49 $14.25 $14.91
$14.36 Tractors in service as of December 31 2,266 2,289 2,266
2,289 Trailers in service as of December 31 4,293 4,147 4,293 4,147
Non-driver employees as of December 31 1,039 1,005 1,039 1,005
Notes: a) Revenue amounts are stated in millions of dollars. The
totals presented in the table may not agree to the amounts shown in
the accompanying statement of income due to rounding. b) Freight
operating expenses divided by total freight revenue. c) Total
linehaul and dedicated fleet revenue divided by number of weeks in
period divided by average trucks in service. d) The year-to-date
and quarterly data presented in the table for the third quarters of
2005 and 2004 reflect changes in the manner in which data regarding
the numbers of miles, shipments and hundredweight is tabulated.
Accordingly, the addition of the quarterly data presented in the
table to the year-to-date data reported in previous reports will
not necessarily agree with the year-to-date data reported in this
table. e) In millions. f) One minus the quotient of full-truckload
loaded miles divided by full-truckload total linehaul miles. g) In
thousands. DATASOURCE: Frozen Food Express Industries, Inc.
CONTACT: Stoney M. ["Mit"] Stubbs, Jr., CEO, or Thomas G. Yetter,
CFO, both of Frozen Food Express Industries, Inc., +1-214-630-8090,
or Web site: http://www.ffex.net/
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