Frozen Food Express Cancels Dividend
Higher fuel costs and a shortage of drivers contributed to an unexpected third-quarter loss by Frozen Food Express Industries, one of the nation’s largest refrigerated carriers.
That compares with net income of $2.9 million (17 cents) in the same period a year ago. Revenue was $97.2 million vs. $93.5 million.
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FFE officials suspended its quarterly cash dividend of 3 cents a share, a move that Chief Executive Officer Stoney M. “Mit” Stubbs Jr. described as “traumatizing.”
“We’re not accustomed to losing money,” he said in announcing a net loss of $1.7 million, or 7 cents a share, in the three months that ended Sept. 30.
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