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Frozen Food Express’ Fourth-Quarter Income Declines
Refrigerated truckload carrier Frozen Food Express Industries said Tuesday its fourth-quarter income fell to $3.4 million or 24 cents a share, from $6.4 million or 34 cents a year earlier.
Freight revenue declined to $112.4 million from $139.8 million, FFE said.The quarter’s results “were negatively impacted by severance pay related to the company’s ongoing headcount reduction efforts, as well as lower equipment utilization rates,” the company said in a statement.For the year, net income was $11.2 million or 61 cents, down from $20.4 million or $1.09 in 2005. Freight revenue dipped to $483.7 million from $514 million.Frozen Food Express is ranked No. 47 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
