Frozen Food Express Industries Inc reported net income of $84,000 for the quarter ended Dec 31, 2001, compared with $67,000 during the fourth quarter of 2000. The company has now reported three consecutive profitable quarters as well as three consecutive quarters in which net earnings have exceeded the comparable year-ago quarter.
Stoney M “Mit” Stubbs Jr said the increased net income for the quarter was accomplished despite a $7-million decline in revenue compared with fourth-quarter 2000.
For the year ended Dec 31, 2001, the company reported a loss of $635,000, compared with a loss of $1.2 million for 2000. Revenue for 2001 was $378.4 million, compared with $392.4 million for 2000. Both figures include revenue from the company's non-freight operations, which was $51.1 million in 2001 and $68.8 million in 2000. The company sold its primary non-freight business in late December 2001.
Stubbs also said full-year 2001 revenue of $327.3 million from the company's core business, refrigerated freight transportation services, was about 1.1% more than the $323.6 million in freight revenue for the year 2000.
