FFE Transportation Services, Inc. Announces 'Drive-To-Own' Owner-Operator Program
February 15 2011 - 12:00PM
FFE Transportation Services, Inc. (Nasdaq:FFEX) announced the
restructuring of the company lease-purchase program for those
Owner-Operators interested in participating in the company's
existing lease to purchase program. The program is branded
"Drive-To-Own" and the revised terms reduce lease payments by an
average of 20%. In addition, the program encourages ownership by
significantly reducing the residual or 'balloon' payment due at the
end of lease terms on qualified equipment. The restructure is
intended to increase cash flow of FFE Contractors in the program
and to motivate ownership in the shortest time possible. All
current Contractors leasing equipment from FFE through prior
programs recognized the improved economics of "Drive-To-Own" as of
February 13, 2011 and all qualified candidates entering FFE are now
eligible for the same terms.
John Hickerson, EVP and COO of FFE, stated, "FFE is continually
looking for ways to improve the satisfaction and success of our
Independent Contractors. We understand that our growth and
success is dependent upon the success of these critical
partners. This is a first step as we continue to analyze
opportunities to keep our Contractor programs among the most
competitive in the industry."
Along with the reduced payment terms, FFE offers very
competitive labor rates when DTO contractors choose to use
preferred vendors for maintenance and repairs. FFE also
provides parts and tires on a cost-plus arrangement. This
opportunity, along with access to The FFE national network of road
service providers allows their contractors to minimize down time
while controlling maintenance and repair expense.
About FFE Transportation Services, Inc.
FFE Transportation Services, Inc. is one of the leading
temperature-controlled truckload and less-than-truckload carriers
in the United States with core operations in the transport of
temperature-controlled products and perishable goods including
food, health care and confectionery products. Service is offered in
over-the-road and intermodal modes for temperature-controlled
truckload and less-than-truckload, as well as dry truckload. The
Company also provides brokerage/logistics and dedicated services to
our customers. Additional information about Frozen Food Express
Industries, Inc. can be found at http://www.ffeinc.com. To join our
email alert list, please click the following link:
http://financials.ffex.net/alerts.cfm. The Company's common stock
is traded on the NASDAQ Global Select market under the symbol
FFEX.
The FFE Transportation Services, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3209
CONTACT: Frozen Food Express Industries, Inc.
Russell Stubbs, President
John Hickerson, Executive VP and COO
John McManama, Senior VP and CFO
(214) 630-8090
ir@ffex.net
Three Part Advisors, LLC
Investor Relations:
Steven Hooser
Dave Mossberg
214-872-2710
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