Frozen Food Express Reports Second-Quarter Loss

Frozen Food Express Industries reported a second-quarter loss, but its less-than-truckload operations improved.

The refrigerated carrier reported a loss of $2.6 million, or 14 cents per share, compared with an income of $1 million, or 6 cents, a year ago.

Revenue rose 7% to $102.4 million. Less-than-truckload revenue jumped 16.6% to $36.3 million, and truckload services rose 0.2% to $37.7 million.

Brokerage and logistics services operating revenue rose 13.4% to $8.6 million, the company said.

In late July, Frozen Food Express agreed to be acquired by Duff Brothers Capital Corp. for $2.10 per share, in a deal valued at about $38.2 million.

The transaction was unanimously approved by FFE’s board. Its stockholders will receive $2.10 in cash for each share of stock, representing a 23.5% premium over closing price on July 12.

Frozen Food Express is ranked No. 66 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.