Frozen Food Express’ Loss Widens for 4Q, Year

Frozen Food Express Industries reported higher losses for the fourth quarter and full year.

The refrigerated carrier said late Thursday it lost $11.8 million, or 67 cents a share, for the quarter, compared with a loss of $1.5 million, or 9 cents, a year earlier.

Revenue dipped to $92 million, from $94 million, while revenue excluding fuel surcharges declined to $74 million, from $79 million.

Less-than-truckload revenue slipped to $26.1 million, from $28.1 million, while truckload revenue fell to $36.9 million, from $47.7 million.

For the full year, the company reported a loss of $36.7 million, or $2.08 per share, compared with a loss of $11.9 million, or 69 cents, in 2010. Revenue rose to $388 million, from $369 million.

CEO Russell Stubbs said the company “faced strong headwinds” in 2011 with “an uncertain economy, unstable fuel costs, driver shortages, and increased commodity costs.”

He also outlined a plan to return the company to profitability by exiting low-margin businesses, reinvesting in “growth businesses” and improving efficiency.

The company said it anticipates a loss during the first quarter, but expects to produce “near breakeven profitability” in 2012.

Frozen Food Express is ranked No. 57 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.