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0000039273-05-000049.txt : 200511020000039273-05-000049.hdr.sgml : 2005110220051102123702ACCESSION NUMBER:0000039273-05-000049CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:25CONFORMED PERIOD OF REPORT:20051102ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20051102DATE AS OF CHANGE:20051102
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:FROZEN FOOD EXPRESS INDUSTRIES INCCENTRAL INDEX KEY:0000039273STANDARD INDUSTRIAL CLASSIFICATION:TRUCKING (NO LOCAL) [4213]IRS NUMBER:751301831STATE OF INCORPORATION:TXFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-10006FILM NUMBER:051172393
BUSINESS ADDRESS:STREET 1:1145 EMPIRE CENTRAL PLACECITY:DALLASSTATE:TXZIP:75247BUSINESS PHONE:2146308090
8-K1form8k_stephens.htmFORM8K_STEPHENS
form8k_stephens
UNITEDSTATES SECURITIESAND EXCHANGE COMMISSIONWASHINGTON,DC
20549FORM8-KCURRENTREPORT
Pursuantto Section 13or 15(d) of the Securities Exchange Act of
1934
Date ofReport:(Date ofearliest event reported)November2, 2005
FROZENFOOD EXPRESS INDUSTRIES, INC.(ExactName of Registrant as
Specifiedin its Charter)
Texas (State or Other Jurisdiction of Incorporation) 1-10006 COMMISSION FILE NUMBER 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)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions: r Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425) r Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12) r Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)) r Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 7.01. REGULATION FD DISCLOSURE Attached hereto as Exhibit99.1, which is incorporated herein by reference, is a copy of certain slides used by the Company in making a presentation at Stephens Inc.s Logistics and Transportation Conference on November 2, 2005. This information furnished herewith, but is not filed pursuant to the Securities Exchange Act and is not incorporated by reference into any Securities Act registration statements. Additionally, the submission of this report on Form 8-K is not an admission as to the materiality of any information in this report that is required to be disclosed solely by Regulation FD. Any information in this report supersedes inconsistent or outdated information contained in earlier RegulationFD disclosures.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS (c) EXHIBITS The following are furnished as exhibits to this report: 99.1 Presentation materials dated November 2, 2005.
SIGNATURESPursuantto the requirements of the Securities Exchange
Act of 1934, the registrant hasduly caused this report to be signed
on its behalf by the undersigned hereuntoduly authorized.
FROZEN FOOD EXPRESS INDUSTRIES, INC. Dated: November 2, 2005 By:
/s/ Stoney M. Stubbs, Jr. Stoney M. Stubbs, Jr. Chairman and Chief
Executive Officer
EXHIBIT INDEX Exhibit No. Exhibit Title 99.1 Presentation
materials dated November 2, 2005.
EX-99.12exhibit99_1.htmEXHIBIT 99.1
Exhibit 99.1
0November2005
StephensInc.InvestmentBankersLogisticsand Transportation Services ConferenceNovember2, 2005
FrozenFood Express Industries,
Inc. and Subsidiaries
F.Dixon McElwee, Jr.SeniorVice President & Chief Financial Officer
November2005
2Thisdocument contains information and forward-looking
statements that are based onmanagement's current beliefs and
expectations and assumptions which are basedupon information
currently available. Forward-looking statements includestatements
relating to plans, strategies, objectives, expectations,
intentions,and adequacy of resources, and may be identified by
words such as "will","could", "should", "believe", "expect",
intend", "plan", "schedule", "estimate","project" and similar
expressions. These statements are based on currentexpectations and
are subject to uncertainty and
change.Althoughmanagement believes that the expectations reflected
in such forward-lookingstatements are reasonable, there can be no
assurance that such expectations willbe realized. Should one or
more of the risks or uncertainties underlying suchexpectations not
materialize, or should underlying assumptions prove
incorrect,actual results may vary materially from those
expected.Amongthe key factors that are not within management's
control and that may have abearing on operating results are demand
for the company's services and products,and its ability to meet
that demand, which may be affected by, among otherthings,
competition, weather conditions and the general economy,
theavailability and cost of labor, the ability to negotiate
favorably with lendersand lessors, the effects of terrorism and
war, the availability and cost ofequipment, fuel and supplies, the
market for previously-owned equipment, theimpact of changes in the
tax and regulatory environment in which the companyoperates,
operational risks and insurance, risks associated with
thetechnologies and systems used and the other risks and
uncertainties described inthe company's filings with the Securities
and Exchange Commission.
Safe HarborStatement
November20053
CompanyInformation
p Leading publicly traded refrigerated trucking
company in the U.S.
p Headquartered in Dallas, Texas
p Publicly traded on Nasdaq National Market (FFEX)
p 2004 freight revenue of $465 Million
p 2,314 trucks
p 70/30 company-owned/owner-operator
November2005
4
InvestmentConsiderations
p Industry dynamics create new opportunities
p Key player in a capacity constrained environment
p Competitively differentiated by our diversified serviceofferings
p Unique flexibility to allocate resources from TL to LTL
p Opportunity to expand margins as evidenced byrecent
performance
p Strong cash flows and healthy balance sheet
November2005
545%
5%TotalRevenue $465M
2004 FreightRevenue Mix
November2005
6
RefrigeratedTruckload Revenue Mix 2004
November2005
7
Key IndustryFactors
q Industry-wide driver shortage
q Increasing barriers to entry
q High operating costs (drivers, fuel, insurance)
q Higher pricing and increased utilization
q Increasing Emphasis on Economics of Scale
q Fewer carriers - $1 billion less capacity in the
full-truckload
refrigeratedmarket
q Consolidation continues
November2005
8
ConsolidatedSector
Refrigerated Full Truckload Bankruptcies
p Rocor International, 4th largest @ $341 million in revenue.
p Ameritruck Distribution, 5th largest @ $300 million in
revenue.
p Dick Simon Trucking, 7th largest @ $210 million in
revenue.
p Aasche Transportation, 10th largest @ $154 inrevenue.
p More than $1 billion capacity taken out of the
full-truckload
refrigerated market in less than 5 years.
p In addition
n Alterman Transport Lines, $68 million, the only
nationwide
refrigerated LTL competition to Frozen FoodExpress.
November2005
9Source:Refrigerated Transporter, September 2005P=Publicly traded companyPP$8-$9billion sector; Top Ten comprise $3.7 billion
CompetitiveLandscape 2005
p Transport Industries Holdings, @ $560 million
p Prime, Inc., @ $522 million.
p C.R. England, @ $508 million.
p Frozen Food Express Industries, Inc, @ $474 million.
p Marten Transport, @$380 million.
p Stevens Transport, @ $368 million.
p KLLM, Inc., @ $265 million.
p Central Refrigerated Service, @ $228 million.
p Shaffer Trucking, @$209 million.
p Navajo Shippers, @$168 million.
November2005
10
Key Player ina
Capacity Constrained Environment
FFEXtruckload revenue per mile in 2004 and 2005:
November2005
11
UniqueResources
p One-stop solution with refrigerated TL (46%), refrigerated
LTL
(29%), and dry van TL (20%)
p Only national LTL carrier
n 12 terminals; 8 recruiting centers/offices
n Scheduled routes and service
p Serving a broad range of freight categories
p Limited customer concentration
n No customers make up 10% of revenue
n Top 20 customers make up 40% of revenue
n Remaining 3,000 customers make up the remainder
November2005
12
Balance Sheet @September 30, 2005
p Cash = $7.8mm
p Total Assets = $182.6 million
p No Debt
p Shareholder Equity = $112.2 million
Note: $30million of annual rental expense from
operatingleases.
November2005
13(1)Free Cash Flow is defined as FFEX after-tax cash generated
by
operationsavailable to return to investors after capital
expenditures.
CashFlow
November2005
14
Uses of Free CashFlow
p Purchase more Equipment
p Repurchase Stock
p Accretive Acquisitions
November2005
15OPPORTUNITY:1% improvement in Operating Ratio equates
to $5 million pre-tax income or 16cents per diluted share.
ManagementInitiatives to Drive Profitability
p Reduce Driver Turnover
p Enhance Freight Network
p Cost Containment
p Expand High Margin Service Offerings
November2005
16
Initiative No.1
Reduce Driver Turnover
p Increase driver awareness and open
communication
p Programs to mitigate impact of HOS
n General pay increases
n Re-structured bonus programs
n Per-diem adjustments
p Currently 95% and goal is to reduce bya
third
November2005
17
Initiative No.2
Freight Network Discipline
p Maintain discipline with customer lanes and drivers
p Requires network planning and freight selection to
target maximum profitability
p This initiative reduces empty mile inefficiency and
increases compensated miles
November2005
18
Initiative No.3
Cost Containment
p Freight terminal profitability reviews
p Improve back office operational efficiencies
p Overall reduction in SG&A spending levels
p Improve our Tractor to Non-Driver ratio
November2005
19
Initiative No.4
Expand High Margin Business
p Focus on growing intermodal transportation
services and dedicated services group
p Upside potential of 10-12% top line growth
p Concentrate on revenue mix through fleet rotation
November2005
20Double Digit
Top LineGrowthAcquisition-OpportunitiesLogistics-Industry demand v.
assetcapacityDisciplinedFreight Network-TighterNetwork-OptimizerSoftware-Increase EquipmentUtilizationExpandingMargins-Higher MarginServices-SG&AProductivity-Driver &non-driver ratio
GrowthEngines
November2005
21
Stoney M. Stubbs, Jr. Chief Executive Officer F. Dixon McElwee, Jr. Chief Financial Officer Charles G. Robertson Chief Operating Officer
Frozen Food Express Industries, Inc. 1145 Empire Central Place Dallas, Texas 75247-4309 P.O. Box 655888 Dallas, Texas 75265-5888 (214) 630-8090 http://www.ffex.net [email protected]
ContactInformation
EX-99.13exhibit99_1.pdfSTEPHENS INC. LOGISTIC AND TRANSPORTATION
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