FROZEN FOOD EXPRESS INDUSTRIES INC

CIK:0000039273|SEC Filings

Consolidated Condensed Statements of Operations (unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Consolidated Condensed Statements of Operations (unaudited) [Abstract]
Total operating revenue	$ 102,436	$ 95,705	$ 200,267	$ 183,640
Operating expenses
Salaries, wages and related expenses	29,367	28,078	58,374	57,303
Purchased transportation	22,056	16,487	41,702	32,320
Fuel	17,396	19,752	36,345	38,769
Supplies and maintenance	13,768	12,362	26,721	24,766
Revenue equipment rent	11,798	10,302	23,998	20,514
Depreciation	2,728	2,908	5,610	5,967
Communications and utilities	1,099	1,243	2,106	2,176
Claims and insurance	3,793	1,864	7,205	3,769
Operating taxes and licenses	997	1,065	1,957	2,152
Gain on sale of property and equipment	(301)	(777)	(567)	(2,537)
Miscellaneous	1,314	864	2,425	2,097
Total operating expenses	104,015	94,148	205,876	187,296
(Loss) income from operations	(1,579)	1,557	(5,609)	(3,656)
Interest and other (income) expense
Interest expense	543	398	1,169	769
Equity in loss (earnings) of limited partnership	0	(97)	10	(332)
Gain on sale of investment in limited partnership	0	0	(1,649)	0
Other	440	129	626	371
Total interest and other (income) expense	983	430	156	808
(Loss) income before income taxes	(2,562)	1,127	(5,765)	(4,464)
Income tax expense	41	56	93	114
Net (loss) income	$ (2,603)	$ 1,071	$ (5,858)	$ (4,578)
Net (loss) income per share of common stock
Basic (in dollars per share)	$ (0.14)	$ 0.06	$ (0.33)	$ (0.26)
Diluted (in dollars per share)	$ (0.14)	$ 0.06	$ (0.33)	$ (0.26)
Weighted average shares outstanding
Basic (in shares)	18,028	17,872	17,976	17,799
Diluted (in shares)	18,028	17,872	17,976	17,799

Consolidated Condensed Statements of Cash Flows (unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities
Net loss	$ (5,858)	$ (4,578)
Non-cash items included in net loss
Gain on sale of property and equipment	(567)	(2,537)
Depreciation and amortization	7,025	7,727
Provision for losses on accounts receivable	(60)	(416)
Deferred compensation	104	246
Equity in loss (earnings) of limited partnership	10	(332)
Gain on sale of investment in limited partnership	(1,649)	0
Change in operating assets and liabilities
Accounts receivable	(4,060)	2,388
Tires on equipment in use	(2,041)	(2,248)
Other current assets	(1,151)	(2,194)
Other assets	65	(43)
Accounts payable	3,368	(4,133)
Insurance and claims accruals	(196)	(2,648)
Accrued liabilities, payroll and other	(75)	(267)
Net cash used in operating activities	(5,085)	(9,035)
Cash flows from investing activities
Expenditures for property and equipment	(1,655)	(1,073)
Proceeds from sale of property and equipment	3,094	7,219
Cash distributions from investments	180	312
Proceeds from sale of investment in limited partnership	3,184	0
Net cash provided by investing activities	4,803	6,458
Cash flows from financing activities
Proceeds from borrowings under credit facility	52,055	50,656
Payments against borrowings under credit facility	(52,220)	(46,285)
Proceeds from notes payable and capital lease obligations	28	31
Repayments of notes payable and capital lease obligations	(1,548)	(951)
Income tax expense of stock-based awards	0	(92)
Purchases of treasury stock	(5)	(4)
Net cash (used in) provided by financing activities	(1,690)	3,355
Net (decrease) increase in cash and cash equivalents	(1,972)	778
Cash and cash equivalents at beginning of period	2,907	1,048
Cash and cash equivalents at end of period	935	1,826
Supplemental disclosure of cash flow information:
Interest paid	$ 390	$ 399

Consolidated Condensed Balance Sheets (unaudited) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Current assets
Cash and cash equivalents	$ 935	$ 2,907
Accounts receivable, net of allowance for doubtful accounts of $1,067 and $1,565, respectively	44,189	40,069
Tires on equipment in use, net	9,042	8,176
Equipment held for sale	41	832
Other current assets	8,950	7,840
Total current assets	63,157	59,824
Property and equipment, net	49,052	54,680
Deferred income taxes	3,039	3,039
Other assets	4,061	6,096
Total assets	119,309	123,639
Current liabilities
Accounts payable	29,563	26,178
Insurance and claims accruals	9,137	10,033
Accrued payroll and deferred compensation	3,800	3,951
Accrued liabilities	1,288	1,429
Current maturities of notes payable and capital lease obligations	3,157	3,040
Deferred income taxes	2,727	2,727
Total current liabilities	49,672	47,358
Borrowings under credit facility	26,049	26,215
Long-term notes payable and capital lease obligations	15,254	16,891
Insurance and claims accruals	5,604	4,904
Total liabilities	96,579	95,368
Shareholders' equity
Common stock, $1.50 par value per share; 75,000 shares authorized; 18,572 shares issued	27,858	27,858
Additional paid-in capital	678	1,165
Accumulated other comprehensive loss	(76)	(79)
Retained earnings	658	6,516
Total common shareholders' equity	29,118	35,460
Treasury stock (972 and 1,026 shares), at cost	(6,388)	(7,189)
Total shareholders' equity	22,730	28,271
Total liabilities and shareholders' equity	$ 119,309	$ 123,639