Frozen Food Express Cites 3Q Loss

Refrigerated carrier Frozen Food Express Industries lost $2.6 million, or 15 cents a share, in the third quarter, compared with net income of $1.4 million, or 8 cents, a year ago.

Revenue fell 28.7% to $94.5 million, while revenue excluding fuel surcharges fell 16.8% to $82 million, the company said in a statement.

“2009 has undoubtedly been the toughest operating conditions our industry has seen in quite some time,” President Stoney Stubbs said in a statement.

He added that the poor revenue and profit were “the result of the weak economy, increased unemployment and changes in consumer buying habits.”

The company said it has cut its non-driver workforce by 22% this year, among other measures to cut its non-variable costs.

Frozen Food Express is ranked No. 53 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.