EXHIBIT 99.3
INDEX TO EXHIBIT 99.3
Restated Unaudited Statements of Income for the following periods: | Page Number | |
Three Months Ended March 31, 2004 | 1 | |
Three and Six Months Ended June 30, 2004 | 2 | |
Three and Nine Months Ended September 30, 2004 | 3 | |
Year Ended December 31, 2004 | 4 | |
Three Months Ended March 31, 2005 | 5 | |
Three and Six Months Ended June 30, 2005 | 6 | |
Three and Nine Months Ended September 30, 2005 | 7 |
Statement of Income Frozen Food Express Industries, Inc. For the Three Months Ended March 31, 2004 (unaudited and in thousands, except per-share amounts) | |||||||
As Reported | As Restated | ||||||
Revenue: | |||||||
Freight revenue | $ | 106,489 | $ | 106,489 | |||
Non-freight revenue | 2,442 | 2,442 | |||||
108,931 | 108,931 | ||||||
Costs and Expenses: | |||||||
Freight Operating Expenses: | |||||||
Salaries, wages and related expenses | 29,010 | 29,010 | |||||
Purchased transportation | 30,412 | 30,412 | |||||
Fuel | 13,089 | 13,089 | |||||
Supplies and expenses | 12,311 | 12,311 | |||||
Revenue equipment rent | 8,250 | 7,972 | |||||
Depreciation | 4,612 | 4,809 | |||||
Communications and utilities | 974 | 974 | |||||
Claims and insurance | 2,888 | 2,888 | |||||
Operating taxes and licenses | 1,128 | 1,128 | |||||
Gain on disposition of equipment | (361 | ) | (361 | ) | |||
Miscellaneous expenses | 866 | 866 | |||||
103,179 | 103,098 | ||||||
Non-freight costs and operating expenses | 2,462 | 2,462 | |||||
105,641 | 105,560 | ||||||
Income from Operations | 3,290 | 3,371 | |||||
Interest and other expense | 196 | 277 | |||||
Income Before Income Tax | 3,094 | 3,094 | |||||
Provision for Income Tax | 1,154 | 1,154 | |||||
Net Income | $ | 1,940 | $ | 1,940 | |||
Net income per share of common stock | |||||||
Basic | $ | 0.11 | $ | 0.11 | |||
Diluted | $ | 0.11 | $ | 0.11 | |||
Weighted average shares outstanding | |||||||
Basic | 17,139 | 17,139 | |||||
Diluted | 18,261 | 18,261 |
PAGE 1
Statements of Income Frozen Food Express Industries, Inc. For the Three and Six Month Periods Ended June 30, 2004 (unaudited and in thousands, except per-share amounts) | |||||||||||||
Three Months As Reported | Three Months As Restated | Six Months As Reported | Six Months As Restated | ||||||||||
Revenue: | |||||||||||||
Freight revenue | $ | 114,746 | $ | 114,746 | $ | 221,235 | $ | 221,235 | |||||
Non-freight revenue | 3,392 | 3,392 | 5,834 | 5,834 | |||||||||
118,138 | 118,138 | 227,069 | 227,069 | ||||||||||
Costs and Expenses: | |||||||||||||
Freight Operating Expenses: | |||||||||||||
Salaries, wages and related expenses | 30,670 | 30,670 | 59,680 | 59,680 | |||||||||
Purchased transportation | 32,281 | 32,281 | 62,693 | 62,693 | |||||||||
Fuel | 14,467 | 14,467 | 27,556 | 27,556 | |||||||||
Supplies and expenses | 13,767 | 13,767 | 26,078 | 26,078 | |||||||||
Revenue equipment rent | 7,888 | 7,610 | 16,138 | 15,582 | |||||||||
Depreciation | 4,878 | 5,075 | 9,490 | 9,885 | |||||||||
Communications and utilities | 942 | 942 | 1,916 | 1,916 | |||||||||
Claims and insurance | 2,910 | 2,910 | 5,798 | 5,798 | |||||||||
Operating taxes and licenses | 1,163 | 1,163 | 2,291 | 2,291 | |||||||||
Gain on disposition of equipment | (604 | ) | (604 | ) | (965 | ) | (965 | ) | |||||
Miscellaneous expenses | 1,797 | 1,797 | 2,663 | 2,663 | |||||||||
110,159 | 110,078 | 213,338 | 213,177 | ||||||||||
Non-freight costs and operating expenses | 2,960 | 2,960 | 5,422 | 5,422 | |||||||||
113,119 | 113,038 | 218,760 | 218,599 | ||||||||||
Income from Operations | 5,019 | 5,100 | 8,309 | 8,470 | |||||||||
Interest and other (income) expense | (349 | ) | (268 | ) | (153 | ) | 8 | ||||||
Income Before Income Tax | 5,368 | 5,368 | 8,462 | 8,462 | |||||||||
Provision for Income Tax | 1,876 | 1,876 | 3,030 | 3,030 | |||||||||
Net Income | $ | 3,492 | $ | 3,492 | $ | 5,432 | $ | 5,432 | |||||
Net income per share of common stock | |||||||||||||
Basic | $ | 0.20 | $ | 0.20 | $ | 0.32 | $ | 0.32 | |||||
Diluted | $ | 0.19 | $ | 0.19 | $ | 0.30 | $ | 0.30 | |||||
Weighted average shares outstanding | |||||||||||||
Basic | 17,209 | 17,209 | 17,174 | 17,174 | |||||||||
Diluted | 17,937 | 17,937 | 17,894 | 17,894 |
PAGE 2
Statements of Income Frozen Food Express Industries, Inc. For the Three and Nine Month Periods Ended September 30, 2004 (unaudited and in thousands, except per-share amounts) | |||||||||||||
Three Months As Reported | Three Months As Restated | Nine Months As Reported | Nine Months As Restated | ||||||||||
Revenue: | |||||||||||||
Freight revenue | $ | 120,531 | $ | 120,531 | $ | 341,766 | $ | 341,766 | |||||
Non-freight revenue | 2,590 | 2,590 | 8,424 | 8,424 | |||||||||
123,121 | 123,121 | 350,190 | 350,190 | ||||||||||
Costs and Expenses: | - | ||||||||||||
Freight Operating Expenses: | - | ||||||||||||
Salaries, wages and related expenses | 31,257 | 31,257 | 90,937 | 90,937 | |||||||||
Purchased transportation | 30,704 | 30,704 | 93,397 | 93,397 | |||||||||
Fuel | 15,990 | 15,990 | 43,546 | 43,546 | |||||||||
Supplies and expenses | 16,241 | 16,241 | 42,319 | 42,319 | |||||||||
Revenue equipment rent | 7,765 | 7,487 | 23,903 | 23,069 | |||||||||
Depreciation | 4,827 | 5,024 | 14,317 | 14,909 | |||||||||
Communications and utilities | 1,020 | 1,020 | 2,936 | 2,936 | |||||||||
Claims and insurance | 5,598 | 5,598 | 11,396 | 11,396 | |||||||||
Operating taxes and licenses | 1,197 | 1,197 | 3,488 | 3,488 | |||||||||
Gain on disposition of equipment | (415 | ) | (415 | ) | (1,380 | ) | (1,380 | ) | |||||
Miscellaneous expenses | 1,626 | 1,626 | 4,289 | 4,289 | |||||||||
115,810 | 115,729 | 329,148 | 328,906 | ||||||||||
Non-freight costs and operating expenses | 2,466 | 2,466 | 7,888 | 7,888 | |||||||||
118,276 | 118,195 | 337,036 | 336,794 | ||||||||||
Income from Operations | 4,845 | 4,926 | 13,154 | 13,396 | |||||||||
Interest and other income | (516 | ) | (435 | ) | (669 | ) | (427 | ) | |||||
Income Before Income Tax | 5,361 | 5,361 | 13,823 | 13,823 | |||||||||
Provision for Income Tax | 1,841 | 1,841 | 4,871 | 4,871 | |||||||||
Net Income | $ | 3,520 | $ | 3,520 | $ | 8,952 | $ | 8,952 | |||||
Net income per share of common stock | |||||||||||||
Basic | $ | 0.20 | $ | 0.20 | $ | 0.52 | $ | 0.52 | |||||
Diluted | $ | 0.20 | $ | 0.20 | $ | 0.50 | $ | 0.50 | |||||
Weighted average shares outstanding | |||||||||||||
Basic | 17,235 | 17,235 | 17,196 | 17,196 | |||||||||
Diluted | 17,971 | 17,971 | 17,926 | 17,926 |
PAGE 3
Statement of Income Frozen Food Express Industries, Inc. For the Year Ended December 31, 2004 (unaudited and in thousands, except per-share amounts) | |||||||
As Reported | As Restated | ||||||
Revenue: | |||||||
Freight revenue | $ | 464,689 | $ | 464,689 | |||
Non-freight revenue | 9,741 | 9,741 | |||||
474,430 | 474,430 | ||||||
Costs and Expenses: | |||||||
Freight Operating Expenses: | |||||||
Salaries, wages and related expenses | 123,298 | 123,298 | |||||
Purchased transportation | 125,860 | 125,860 | |||||
Fuel | 60,124 | 60,124 | |||||
Supplies and expenses | 56,488 | 56,488 | |||||
Revenue equipment rent | 31,388 | 30,227 | |||||
Depreciation | 19,899 | 20,723 | |||||
Communications and utilities | 4,016 | 4,016 | |||||
Claims and insurance | 18,056 | 18,056 | |||||
Operating taxes and licenses | 4,544 | 4,544 | |||||
Gain on disposition of equipment | (2,184 | ) | (2,184 | ) | |||
Miscellaneous expenses | 7,170 | 7,170 | |||||
448,659 | 448,322 | ||||||
Non-freight costs and operating expenses | 8,931 | 8,931 | |||||
457,590 | 457,253 | ||||||
Income from Operations | 16,840 | 17,177 | |||||
Interest and other income | (252 | ) | 85 | ||||
Income before Income Tax | 17,092 | 17,092 | |||||
Provision for income tax | 6,338 | 6,338 | |||||
Net income | $ | 10,754 | $ | 10,754 | |||
Net income per share of common stock | |||||||
Basic | $ | 0.62 | $ | 0.62 | |||
Diluted | $ | 0.59 | $ | 0.59 |
PAGE 4
Statement of Income Frozen Food Express Industries, Inc. For the Three Months Period Ended March 31, 2005 (unaudited and in thousands, except per-share amounts) | |||||||
As Reported | As Restated | ||||||
Revenue: | |||||||
Freight revenue | $ | 115,872 | $ | 115,872 | |||
Non-freight revenue | 2,157 | 2,157 | |||||
118,029 | 118,029 | ||||||
Costs and Expenses: | - | ||||||
Freight Operating Expenses: | - | ||||||
Salaries, wages and related expenses | 30,626 | 30,626 | |||||
Purchased transportation | 29,566 | 29,566 | |||||
Fuel | 16,719 | 16,719 | |||||
Supplies and expenses | 15,166 | 15,166 | |||||
Revenue equipment rent | 6,777 | 6,450 | |||||
Depreciation | 5,822 | 6,047 | |||||
Communications and utilities | 1,026 | 1,026 | |||||
Claims and insurance | 3,437 | 3,437 | |||||
Operating taxes and licenses | 1,176 | 1,176 | |||||
Gain on disposition of equipment | (1,157 | ) | (1,157 | ) | |||
Miscellaneous expenses | 1,188 | 1,188 | |||||
110,346 | 110,244 | ||||||
Non-freight costs and operating expenses | 2,152 | 2,152 | |||||
112,498 | 112,396 | ||||||
Income from operations | 5,531 | 5,633 | |||||
Interest and other (income) expense | 90 | 192 | |||||
Income before income tax | 5,441 | 5,441 | |||||
Provision for income tax | 2,134 | 2,134 | |||||
Net income | $ | 3,307 | $ | 3,307 | |||
Net income per share of common stock | |||||||
Basic | $ | 0.19 | $ | 0.19 | |||
Diluted | $ | 0.18 | $ | 0.18 | |||
Weighted average shares outstanding | |||||||
Basic | 17,656 | 17,656 | |||||
Diluted | 18,724 | 18,724 |
PAGE 5
Statements of Income Frozen Food Express Industries, Inc. For the Three and Six Month Periods Ended June 30, 2005 (unaudited and in thousands, except per-share amounts) | |||||||||||||
Three Months As Reported | Three Months As Restated | Six Months As Reported | Six Months As Restated | ||||||||||
Revenue: | |||||||||||||
Freight revenue | $ | 123,250 | $ | 123,250 | $ | 239,122 | $ | 239,122 | |||||
Non-freight revenue | 3,430 | 3,430 | 5,587 | 5,587 | |||||||||
126,680 | 126,680 | 244,709 | 244,709 | ||||||||||
Costs and Expenses: | |||||||||||||
Freight Operating Expenses: | |||||||||||||
Salaries, wages and related expenses | 32,628 | 32,628 | 63,254 | 63,254 | |||||||||
Purchased transportation | 31,605 | 31,605 | 61,171 | 61,171 | |||||||||
Fuel | 19,090 | 19,090 | 35,809 | 35,809 | |||||||||
Supplies and expenses | 15,901 | 15,901 | 31,067 | 31,067 | |||||||||
Revenue equipment rent | 7,301 | 7,004 | 14,078 | 13,454 | |||||||||
Depreciation | 5,493 | 5,697 | 11,315 | 11,744 | |||||||||
Communications and utilities | 900 | 900 | 1,926 | 1,926 | |||||||||
Claims and insurance | 3,151 | 3,151 | 6,588 | 6,588 | |||||||||
Operating taxes and licenses | 1,026 | 1,026 | 2,202 | 2,202 | |||||||||
Gain on disposition of equipment | (1,493 | ) | (1,493 | ) | (2,650 | ) | (2,650 | ) | |||||
Miscellaneous expenses | 1,697 | 1,697 | 2,885 | 2,885 | |||||||||
117,299 | 117,206 | 227,645 | 227,450 | ||||||||||
Non-freight costs and operating expenses | 3,288 | 3,288 | 5,440 | 5,440 | |||||||||
120,587 | 120,494 | 233,085 | 232,890 | ||||||||||
Income from operations | 6,093 | 6,186 | 11,624 | 11,819 | |||||||||
Interest and other income | (3,445 | ) | (3,352 | ) | (3,355 | ) | (3,160 | ) | |||||
Income before income tax | 9,538 | 9,538 | 14,979 | 14,979 | |||||||||
Provision for income tax | 3,739 | 3,739 | 5,873 | 5,873 | |||||||||
Net income | $ | 5,799 | $ | 5,799 | $ | 9,106 | $ | 9,106 | |||||
Net income per share of common stock | |||||||||||||
Basic | $ | 0.33 | $ | 0.33 | $ | 0.51 | $ | 0.51 | |||||
Diluted | $ | 0.31 | $ | 0.31 | $ | 0.49 | $ | 0.49 | |||||
Weighted average shares outstanding | |||||||||||||
Basic | 17,843 | 17,843 | 17,750 | 17,750 | |||||||||
Diluted | 18,759 | 18,759 | 18,751 | 18,751 |
PAGE 6
Statements of Income Frozen Food Express Industries, Inc. For the Three and Nine Month Periods Ended September 30, 2005 (unaudited and in thousands, except per-share amounts) | |||||||||||||
Three Months As Reported | Three Months As Restated | Nine Months As Reported | Nine Months As Restated | ||||||||||
Revenue: | |||||||||||||
Freight revenue | $ | 135,136 | $ | 135,136 | $ | 374,258 | $ | 374,258 | |||||
Non-freight revenue | 2,403 | 2,403 | 7,990 | 7,990 | |||||||||
137,539 | 137,539 | 382,248 | 382,248 | ||||||||||
Costs and Expenses: | |||||||||||||
Freight Operating Expenses: | |||||||||||||
Salaries, wages and related expenses | 33,892 | 33,892 | 97,146 | 97,146 | |||||||||
Purchased transportation | 32,190 | 32,190 | 93,361 | 93,361 | |||||||||
Fuel | 22,862 | 22,862 | 58,671 | 58,671 | |||||||||
Supplies and expenses | 17,006 | 17,006 | 48,073 | 48,073 | |||||||||
Revenue equipment rent | 8,150 | 7,849 | 22,228 | 21,303 | |||||||||
Depreciation | 4,888 | 5,095 | 16,203 | 16,838 | |||||||||
Communications and utilities | 1,087 | 1,087 | 3,013 | 3,013 | |||||||||
Claims and insurance | 4,293 | 4,293 | 10,881 | 10,881 | |||||||||
Operating taxes and licenses | 1,218 | 1,218 | 3,420 | 3,420 | |||||||||
Gain on disposition of equipment | (923 | ) | (923 | ) | (3,573 | ) | (3,573 | ) | |||||
Miscellaneous expenses | 1,959 | 1,959 | 4,844 | 4,844 | |||||||||
126,622 | 126,528 | 354,267 | 353,977 | ||||||||||
Non-freight costs and operating expenses | 2,042 | 2,042 | 7,482 | 7,482 | |||||||||
128,664 | 128,570 | 361,749 | 361,459 | ||||||||||
Income from operations | 8,875 | 8,969 | 20,499 | 20,789 | |||||||||
Interest and other (income) expense | 517 | 611 | (2,838 | ) | (2,548 | ) | |||||||
Income before income tax | 8,358 | 8,358 | 23,337 | 23,337 | |||||||||
Provision for income tax | 3,382 | 3,382 | 9,255 | 9,255 | |||||||||
Net income | $ | 4,976 | $ | 4,976 | $ | 14,082 | $ | 14,082 | |||||
Net income per share of common stock | |||||||||||||
Basic | $ | 0.28 | $ | 0.28 | $ | 0.79 | $ | 0.79 | |||||
Diluted | $ | 0.26 | $ | 0.26 | $ | 0.75 | $ | 0.75 | |||||
Weighted average shares outstanding | |||||||||||||
Basic | 17,944 | 17,944 | 17,817 | 17,817 | |||||||||
Diluted | 18,873 | 18,873 | 18,971 | 18,971 |
PAGE 7