Key Developments For Frozen Food Express Industries, Inc.
Frozen Food Express Industries, Inc. (FFEX.O) (Nasdaq)
Frozen Food Express Industries, Inc. Announces Resignation of Chief Financial Officer
Frozen Food Express Industries, Inc. announced the resignation of Ronald J. Knutson, effective November 6, 2009, as Senior Vice President and Chief Financial Officer. Mr. Knutson will be departing to pursue an opportunity located near Chicago, Illinois. Mr. Knutson will continue as Chief Financial Officer of Frozen Food Express Industries through the reporting of the Company's financial results for the third quarter ended September 30, 2009. The Company intends to appoint John R. McManama, currently Vice President, Finance of FFE Transportation Services, Inc., a principal subsidiary of the Company, as Vice President and Interim Chief Financial Officer and Treasurer effective November 6, 2009.
Frozen Food Express Industries, Inc. Announces Opening of Burlington, NJ Service Center
Frozen Food Express Industries, Inc. announced the opening of a new service center in Burlington, NJ. The 80,000 square foot warehousing and distribution center will provide freezer, cooler and dry storage space.
Frozen Food Express Industries, Inc. Announces Cost Savings Initiatives
Frozen Food Express Industries, Inc. announced that it continues to execute on its comprehensive cost reduction initiative to reduce many of its non-variable costs. The Company's non-driver headcount has been reduced approximately 200 positions or 23% since January 1, including approximately 50 positions that were eliminated within the last two weeks.
Frozen Food Express Industries, Inc. Comments On Q1 2009 Guidance; Announces Cost Reduction Initiative
Frozen Food Express Industries, Inc. announced that it anticipates first quarter of 2009 revenues and earnings to be below those reported during the comparable period a year ago. The Company also announced that it has implemented a comprehensive cost reduction initiative to improve asset utility and to reduce many of its non-variable costs. The Company's non-driver headcount has been reduced approximately 150 positions since January 1 including approximately 110 positions that have been eliminated within the last two weeks. The Company has also suspended its 401(K) matching contributions and is consolidating duplicative efforts within its operating units.
Frozen Food Express Industries, Inc. Announces Cash Dividend
Frozen Food Express Industries, Inc. announced that its Board of Directors has declared a cash dividend of $0.03 per share of its common stock. The dividend will be paid on March 31, 2009 to shareholders of record as of March 13, 2009.
