UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Texas (State or Other Jurisdiction of Incorporation) | 75-1301831 (IRS Employer Identification No.) |
1145 Empire Central Place, Dallas, Texas 75247-4309 (Address of Principal Executive Offices) | (214) 630-8090 (Registrant's telephone number, including area code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
On November 3, 2004, Frozen Food Express Industries, Inc. issued a news release announcing its results of operations for the three and nine month periods ended September 30, 2004, as compared to the comparable periods of 2003. A copy of the news release is filed herewithin as Exhibit 99.1. In preparing this Current Report on Form 8-K, we discovered an error in the news release in the classification of $3,854,000 in expenses between the income statement captions "Supplies and Expenses" and "Revenue Equipment Rent" for the three and nine month periods ended September 30, 2003. The misclassification did not impact the 2004 presentation, nor did it impact total operating expenses for either of the 2003 periods. None of our revenue, income from operations, pre-tax income, net income, nor basic or diluted net income per share of common stock for any of the 2004 or 2003 periods were impacted by the misclassification. The impact of the misclassification was as follows (in thousands): |
For the Three Months Ended September 30, 2003 |
| For the Nine Months Ended September 30, 2003 |
| ||||||||||
|
| As Reported |
| As Corrected |
| As Reported |
| As Corrected | |||||
Supplies and expenses | $ | 32,105 | $ | 28,251 | $ | 85,328 | $ | 81,474 | |||||
Revenue equipment rent | 4,523 | 8,377 | 20,764 | 24,618 | |||||||||
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS |
Exhibit No. | Exhibit Title |
99.1 | Frozen Food Express Industries, Inc. news release dated November 3, 2004 announcing financial results for the three and nine months ended September 30, 2004, as compared to the comparable periods of 2003. |
FROZEN FOOD EXPRESS INDUSTRIES, INC. | |||
Dated: November 3, 2004 | By: | /s/ F. Dixon McElwee, Jr. | |
F. Dixon McElwee, Jr. Senior Vice President Principal Financial and Accounting Officer |
EXHIBIT INDEX | |
Exhibit No. | Exhibit Title |
99.1 | Frozen Food Express Industries, Inc. press release dated November 3, 2004 announcing financial results for the three and nine months ended September 30, 2004, as compared to the comparable periods of 2003. |
Three Months | Nine Months | ||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||
Freight revenue, excluding fuel surcharge and equipment rental (in thousands) | $ | 105,110 | $ | 98,051 | $ | 302,057 | $ | 275,154 | |||||
Average truck count | 2,266 | 2,272 | 2,287 | 2,217 | |||||||||
Freight revenue per truck per week | $ | 3,568 | $ | 3,320 | $ | 3,387 | $ | 3,182 |
Frozen Food Express Industries, Inc Consolidated Statements of Income Three and Nine Months Ended September 30, (unaudited and in thousands, except per share amounts) | |||||||||||||
Three Months | Nine Months | ||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||
Revenue | |||||||||||||
Freight revenue | $ | 114,499 | $ | 103,076 | $ | 326,734 | $ | 290,496 | |||||
Non-freight revenue | 2,677 | 4,725 | 8,665 | 13,694 | |||||||||
117,176 | 107,801 | 335,399 | 304,190 | ||||||||||
Cost and expenses | |||||||||||||
Salaries, wages and related expenses | 27,403 | 27,286 | 79,696 | 77,851 | |||||||||
Purchased transportation | 24,700 | 24,164 | 78,393 | 69,571 | |||||||||
Supplies and expenses* | 36,085 | 32,105 | 97,106 | 85,328 | |||||||||
Revenue equipment rent* | 7,765 | 4,523 | 23,903 | 20,764 | |||||||||
Depreciation | 4,827 | 3,845 | 14,317 | 10,596 | |||||||||
Communication and utilities | 1,020 | 1,051 | 2,936 | 3,074 | |||||||||
Claims and insurance | 5,598 | 4,067 | 11,396 | 9,863 | |||||||||
Operating tax and licenses | 1,197 | 1,155 | 3,488 | 3,046 | |||||||||
Miscellaneous | 1,211 | 933 | 2,909 | 3,509 | |||||||||
109,806 | 99,129 | 314,144 | 283,602 | ||||||||||
Non-freight costs and expenses | 2,466 | 5,156 | 7,888 | 15,101 | |||||||||
112,272 | 104,285 | 322,032 | 298,703 | ||||||||||
Operating income | 4,904 | 3,516 | 13,367 | 5,487 | |||||||||
Interest and other (income) expense | (457 | ) | 691 | (456 | ) | (70 | ) | ||||||
Pre-tax income | 5,361 | 2,825 | 13,823 | 5,557 | |||||||||
Income tax | 1,841 | 1,120 | 4,871 | 1,973 | |||||||||
Net income | $ | 3,520 | $ | 1,705 | $ | 8,952 | $ | 3,584 | |||||
Net income per share of common stock | |||||||||||||
Basic | $ | 0.20 | $ | 0.10 | $ | 0.52 | $ | 0.21 | |||||
Diluted | $ | 0.20 | $ | 0.10 | $ | 0.50 | $ | 0.21 | |||||
Basic shares | 17,235 | 16,823 | 17,196 | 16,765 | |||||||||
Diluted shares | 17,971 | 17,494 | 17,926 | 17,329 | |||||||||