Frozen Food Express Cites 2Q Loss

Refrigerated carrier Frozen Food Express Industries lost $5.2 million, or 30 cents a share, in the second quarter, compared with net income of $274,000, or 2 cents, a year ago.

Revenue fell 26.5% to $94.2 million, while revenue excluding fuel surcharges fell 11.8% to $84.5 million, the company said in a statement.

The loss was “primarily driven by lower volumes and continued downward pricing pressure as the transportation industry continues to be negatively impacted by the current economic recession,” FFE said in a statement.

The company said it continues to invest in its future including the recent opening of its Burlington, N.J., less-than-truckload service center, optimization software to allow for customer tracking of freight, and global tracking and remote temperature control capabilities to better serve its customers

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