Frozen Food Express narrows first quarter loss

In its first quarter report for 2002, Frozen Food Express Industries, Dallas TX, says that its loss for the quarter was $859,000, down from $884,000 for the same quarter of 2001. Loss per share for the first quarter 2002 was five cents per share, the same as in 2001. Revenue for the quarter was $79.1 million down from $89.5 million in 2001. The company attributes much of the lower revenue to the sale of W & B Service Company, a refrigeration unit dealership that it had owned for more than 50 years. Although still lower than results for 2001, freight operations showed improvement for the first quarter 2002 to $77.5 million, only slightly lower than the $78.3 million generated from freight operation in the same quarter 2001. With fuel surcharges factored into revenue, freight revenue actually showed a 2% increase in 2002, the company says.