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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 cfo@ffex.net

ContactInformation

EX-99.13exhibit99_1.pdfSTEPHENS INC. LOGISTIC AND TRANSPORTATION

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