FFEX Frozen Food Express Industries, Inc. (MM)

Frozen Food Express Sells Compressor Shop Business and Buys Back Stock DALLAS, Sept. 30 /PRNewswire-FirstCall/ -- Frozen Food Express Industries, Inc. (NASDAQ:FFEX) ("FFEX") said today it sold one of its non-freight businesses and repurchased 154,000 shares of its common stock pursuant to its previously announced repurchase program. Sale of Non-Freight Unit As previously announced, FFEX continues to evaluate strategic alternatives with regard to its non-freight operations. In accordance with such evaluations, the company reported that it sold certain assets and liabilities of Compressors Plus, Inc. ("CPI"). CPI remanufactures, sells and services refrigeration compressors and had incurred modest losses in recent periods. The sale did not result in material proceeds to FFEX or a significant gain or loss, and continues the company's disposition of certain non-performing operations, with the objective to enhance shareholder value. Share Repurchases and About FFEX The company announced on August 12, 2004, that its board had approved a plan to repurchase up to 750,000 shares of its common stock. As of September 29, 2004, 154,000 shares had been repurchased on the open market. Stoney M. ("Mit") Stubbs, Jr., Chairman and CEO of FFEX said that "the company continues to believe that its common stock represents an attractive investment and that such repurchases are expected to continue under the authorization." Additional information about the company can be found on the Internet at http://www.ffex.net/ . FFEX 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, into Mexico. The refrigerated trucking company is the only one serving this market that is full-service-providing full-truckload, less-than-truckload and distribution 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 arm, American Eagle Lines. 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. DATASOURCE: Frozen Food Express Industries, Inc. CONTACT: Stoney M. [Mit] Stubbs, Jr., CEO, or F. Dixon McElwee, Jr., CFO, both of Frozen Food Express Industries, Inc., +1-214-630-8090 Web site: http://www.ffeinc.com/ http://www.ffex.net/

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