Frozen Food Express Industries has posted total revenue of US$127.0m, as compared to $137.5m for the third quarter 2006.

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Net income for the third quarter of 2006 also decreased, to $2.9m, from $5.0m for the same quarter during 2005. Third quarter 2006 net income per diluted share of common stock was $0.16 as compared to $0.26 for third quarter 2005.


Stoney M. Stubbs, president and CEO of Frozen Food Express Industries said: “We continue to see signs that the freight economy is softening. We said that 2005 was going to be a tough act to follow in terms of bottom-line performance.


“Since we put our new management team in place a few months back, we have been looking for signs of improvement in consecutive quarters. We are beginning to like what we see. Our operating ratio (freight operating expenses divided by freight revenue) improved from 97.2% in the first six months of 2006 to 95.7% during the third quarter. One quarter doesn’t constitute a trend, but I think we are seeing some positive signs as we manage our way through a period of softening demand for our core linehaul services.”


For the nine months ended 30 September 2006, total revenue decreased by less than 1% to $379.9m from $382.2m for the same period of 2005. Operating income decreased to $12.1m from $20.5m for the comparable period of 2005. Contributing factors to higher operating expenses were fuel expenses, higher claims and self-insurance expense levels, lower gains on the sale of equipment and professional fees associated with an investigation that was completed earlier in 2006, the company said.

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Net income for the nine months ended 30 September 2006 was $6.9m as compared to $14.1m during the comparable period of 2005, during which the company realised a $3.8m gain from the sale of a life insurance investment. Diluted net income per share of common stock for the first nine months of 2006 was $0.37 as compared to $0.75 during the same period of 2005.