0000039273-13-000033.txt : 20130429 0000039273-13-000033.hdr.sgml : 20130427 20130429162657 ACCESSION NUMBER: 0000039273-13-000033 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130429 DATE AS OF CHANGE: 20130429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FROZEN FOOD EXPRESS INDUSTRIES INC CENTRAL INDEX KEY: 0000039273 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 751301831 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10006 FILM NUMBER: 13791984 BUSINESS ADDRESS: STREET 1: 1145 EMPIRE CENTRAL PLACE CITY: DALLAS STATE: TX ZIP: 75247 BUSINESS PHONE: 2146308090 MAIL ADDRESS: STREET 1: 1145 EMPIRE CENTRAL PLACE CITY: DALLAS STATE: TX ZIP: 75247 10-Q 1 10qq12013.htm FORM 10Q Q1 2013

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2013

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM _____________ TO ______________

Commission File Number: 1-10006

FROZEN FOOD EXPRESS INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Texas (State or other jurisdiction of incorporation or organization)		75-1301831 (IRS Employer Identification No.)
1145 Empire Central Place Dallas, Texas 75247-4305 (Address of principal executive offices)		(214) 630-8090 (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (l) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ý Yes o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

ý Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer o

Accelerated Filer o

Non-accelerated filer ý

Smaller Reporting Company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

o Yes ý No

Indicate the number of shares outstanding of each of the issuer's classes of Common Stock, as of the latest practicable date.

	Class		Number of Shares Outstanding
	Common stock, $1.50 par value		18,090,336 at April 22, 2013

INDEX

	PART I Financial Information	Page No.

Item 1	Financial Statements
	Consolidated Condensed Balance Sheets (unaudited) March 31, 2013 and December 31, 2012	1

	Consolidated Condensed Statements of Operations (unaudited) Three months ended March 31, 2013 and 2012	2

	Consolidated Condensed Statements of Comprehensive Income (unaudited) Three months ended March 31, 2013 and 2012	3

	Consolidated Condensed Statements of Cash Flows (unaudited) Three months ended March 31, 2013 and 2012	4

	Consolidated Condensed Statement of Shareholders' Equity (unaudited) Three months ended March 31, 2013	5

	Notes to Consolidated Condensed Financial Statements (unaudited)	6

Item 2	Management's Discussion and Analysis of Financial Condition and Results of Operations	9

Item 3	Quantitative and Qualitative Disclosures about Market Risk	22

Item 4	Controls and Procedures	22

	PART II Other Information

Item 1	Legal Proceedings	23

Item 1A	Risk Factors	23

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	23

Item 3	Defaults Upon Senior Securities	23

Item 4	Mine Safety Disclosures	23

Item 5	Other Information	23

Item 6	Exhibits	24

	Signatures	25

	Exhibit Index	26

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Frozen Food Express Industries, Inc. and Subsidiaries

Consolidated Condensed Balance Sheets

(Unaudited and in thousands, except per-share amounts)

Assets	March 31, 2013			December 31, 2012
Current assets
Cash and cash equivalents	$	1,006		$	2,907
Accounts receivable, net of allowance for doubtful accounts of
$1,171 and $1,565, respectively		40,876			40,069
Tires on equipment in use, net		8,674			8,176
Equipment held for sale		-			832
Other current assets		6,441			7,840
Total current assets		56,997			59,824

Property and equipment, net		52,589			54,680
Deferred income taxes		3,039			3,039
Other assets		4,241			6,096
Total assets	$	116,866		$	123,639

Liabilities and Shareholders' Equity
Current liabilities
Accounts payable	$	24,778		$	26,178
Insurance and claims accruals		8,397			10,033
Accrued payroll and deferred compensation		4,214			3,951
Accrued liabilities		1,263			1,429
Current maturities of notes payable and capital lease obligations		3,102			3,040
Deferred income taxes		2,727			2,727
Total current liabilities		44,481			47,358

Borrowings under credit facility		25,839			26,215
Long-term notes payable and capital lease obligations		16,095			16,891
Insurance and claims accruals		5,275			4,904
Total liabilities		91,690			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		863			1,165
Accumulated other comprehensive loss		(77	)		(79	)
Retained earnings		3,261			6,516
Total common shareholders' equity		31,905			35,460
Treasury stock (962 and 1,026 shares), at cost		(6,729	)		(7,189	)
Total shareholders' equity		25,176			28,271
Total liabilities and shareholders' equity	$	116,866		$	123,639

See accompanying notes to consolidated condensed financial statements.

Frozen Food Express Industries, Inc. and Subsidiaries

Consolidated Condensed Statements of Operations

(Unaudited and in thousands, except per-share amounts)

	Three Months Ended March 31,
	2013			2012
Total operating revenue	$	97,831		$	87,935
Operating expenses
Salaries, wages and related expenses		29,007			29,225
Purchased transportation		19,646			15,833
Fuel		18,949			19,017
Supplies and maintenance		12,953			12,404
Revenue equipment rent		12,200			10,212
Depreciation		2,882			3,059
Communications and utilities		1,007			933
Claims and insurance		3,412			1,905
Operating taxes and licenses		960			1,087
Gain on sale of property and equipment		(266	)		(1,760	)
Miscellaneous		1,111			1,233
Total operating expenses		101,861			93,148
Loss from operations		(4,030	)		(5,213	)

Interest and other (income) expense
Interest expense		626			371
Equity in loss (earnings) of limited partnership		10			(235	)
Gain on sale of investment in limited partnership		(1,649	)		-
Other		186			242
Total interest and other (income) expense		(827	)		378
Loss before income taxes		(3,203	)		(5,591	)
Income tax expense		52			58
Net loss	$	(3,255	)	$	(5,649	)

Net loss per share of common stock
Basic	$	(0.18	)	$	(0.32	)
Diluted	$	(0.18	)	$	(0.32	)
Weighted average shares outstanding
Basic		17,924			17,727
Diluted		17,924			17,727

See accompanying notes to consolidated condensed financial statements.

Frozen Food Express Industries, Inc. and Subsidiaries Consolidated Condensed Statements of Comprehensive Income (Unaudited and in thousands)
	Three Months Ended March 31,
	2013				2012
Net loss		$	(3,255	)		$	(5,649	)
Other comprehensive income:
Change in postretirement benefits transition obligation			2				-
Total other comprehensive income			2				-
Comprehensive loss		$	(3,253	)		$	(5,649	)

See accompanying notes to consolidated condensed financial statements.

Frozen Food Express Industries, Inc. and Subsidiaries

Consolidated Condensed Statements of Cash Flows

(Unaudited and in thousands)

	Three Months Ended March 31,
	2013			2012
Cash flows from operating activities
Net loss	$	(3,255	)	$	(5,649	)
Non-cash items included in net loss
Gain on sale of property and equipment		(266	)		(1,760	)
Depreciation and amortization		3,575			4,256
Provision for losses on accounts receivable		(95	)		(192	)
Deferred compensation		14			137
Equity in loss (earnings) of limited partnership		10			(235	)
Gain on sale of investment in limited partnership		(1,649	)		-
Change in operating assets and liabilities
Accounts receivable		(712	)		3,220
Tires on equipment in use		(1,092	)		(878	)
Other current assets		1,528			3,188
Other assets		25			(83	)
Accounts payable		(1,427	)		(9,778	)
Insurance and claims accruals		(1,265	)		(1,410	)
Accrued liabilities, payroll and other		249			(91	)
Net cash used in operating activities		(4,360	)		(9,275	)

Cash flows from investing activities
Expenditures for property and equipment		(1,138	)		(297	)
Proceeds from sale of property and equipment		1,347			6,118
Cash distributions from investments		180			31
Proceeds from sale of investment in limited partnership		3,184			-
Net cash provided by investing activities		3,573			5,852

Cash flows from financing activities
Proceeds from borrowings under credit facility		20,020			25,281
Payments against borrowings under credit facility		(20,396	)		(20,928	)
Proceeds from notes payable and capital lease obligations		-			31
Repayments of notes payable and capital lease obligations		(734	)		(466	)
Income tax expense of stock-based awards		-			(62	)
Purchases of treasury stock		(4	)		(3	)
Net cash (used in) provided by financing activities		(1,114	)		3,853
Net (decrease) increase in cash and cash equivalents		(1,901	)		430
Cash and cash equivalents at beginning of period		2,907			1,048
Cash and cash equivalents at end of period	$	1,006		$	1,478

Supplemental disclosure of cash flow information:
Interest paid	$	192		$	203

See accompanying notes to consolidated condensed financial statements.

Frozen Food Express Industries, Inc. and Subsidiaries Consolidated Condensed Statement of Shareholders' Equity (Unaudited and in thousands)
	Common Stock					Additional
	Shares		Par			Paid-in				Retained				Accumulated Other				Treasury Stock
	Issued		Value			Capital				Earnings				Comprehensive Loss				Shares			Cost				Total
January 1, 2013		18,572		$	27,858		$	1,165			$	6,516			$	(79	)		1,026			$	(7,189	)		$	28,271
Net loss		-			-			-				(3,255	)			-			-				-				(3,255	)
Treasury stock reacquired		-			-			-				-				-			3				(4	)			(4	)
Retirement plans		-			-			1				-				2			(1	)			7				10
Restricted stock		-			-			(303	)			-				-			(66	)			457				154
March 31, 2013		18,572		$	27,858		$	863			$	3,261			$	(77	)		962			$	(6,729	)		$	25,176

See accompanying notes to consolidated condensed financial statements.

Frozen Food Express Industries, Inc. and Subsidiaries

Notes to Consolidated Condensed Financial Statements

Three Months Ended March 31, 2013

(Unaudited)

1. Basis of Presentation

The accompanying unaudited consolidated condensed financial statements include Frozen Food Express Industries, Inc., a Texas corporation, and our subsidiary companies, all of which are wholly-owned (collectively, the "Company"). Our statements have been prepared by management in accordance with generally accepted accounting principles in the United States of America ("US GAAP") for interim financial statements, and therefore do not include all information and disclosures required by US GAAP for complete financial statements. In the opinion of management, such statements reflect all adjustments consisting of normal recurring adjustments considered necessary to fairly present our consolidated financial position, results of operations, comprehensive income, shareholders' equity and cash flows for the interim periods presented. The results of operations for any interim period do not necessarily indicate the results for the full year. The unaudited interim consolidated condensed financial statements should be read with reference to the consolidated financial statements and notes to consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2012. All intercompany balances and transactions have been eliminated in consolidation.

2. Revenue Recognition

Revenue and associated direct operating expenses are recognized on the date freight is picked up from the shipper. One of the preferable methods outlined in US GAAP provides for the recognition of revenue and direct costs when the shipment is completed. Changing to this method would not have a material impact on the interim financial statements.

The Company is the sole obligor with respect to the performance of our freight services provided by owner operators or through our brokerage and logistics services business and we assume all related credit risk. Accordingly, our revenue and the related direct expenses are recognized on a gross basis on the date the freight is picked up from the shipper. Revenue from equipment rental is recognized ratably over the term of the associated rental agreements.

3. Long-term Debt

Long-term debt consisted of the following:

	(in thousands)
	March 31, 2013			December 31, 2012
Borrowings under credit facility	$	25,839		$	26,215
Notes payable		16,801			17,441
Capitalized lease obligations		2,396			2,490
Total long-term debt		45,036			46,146
Less: Current maturities		(3,102	)		(3,040	)
Total maturities due after one year	$	41,934		$	43,106

As of March 31, 2013, the Company had a secured committed credit facility with an aggregate availability of $50 million that matures in March 2015. At March 31, 2013, the borrowing base availability under the credit facility was $42.1 million, $25.8 million was borrowed and $6.6 million of standby letters of credit were issued, which are used primarily for our self-insurance programs and legal matters. These reduced the availability under our credit facility to $9.7 million. As of March 31, 2013, loans outstanding under the credit facility were categorized as either LIBOR loans, which had an interest rate of 3.0%, or bank base rate loans which had an interest rate of 5.0%.

In the normal course of business, the Company has entered into various master security agreements and a capital lease agreement to finance the purchase of revenue equipment at more favorable rates than through off-balance sheet operating leases. The master security agreements provide for funding structured as promissory notes. The effective interest rates on the promissory notes range from 4.4% to 7.9%. The capital lease obligation for approximately $3.0 million of revenue equipment is structured as a 60 month rental agreement with a fixed price purchase option. The effective interest rate on the lease is approximately 6.8%. The capital lease agreement requires us to pay personal property taxes, maintenance, and operating expenses.

4. Income Taxes

The Company's income is taxed in the United States of America and various state jurisdictions. Our federal returns for 2009 and each subsequent year are presently subject to further examination by the Internal Revenue Service. State returns are filed in most state jurisdictions, with varying statutes of limitations.

The Company calculates income taxes in accordance with US GAAP which requires that, for interim periods, we project full-year income and permanent differences between book income and taxable income in order to calculate an effective tax rate for the entire year. The projected effective tax rate is used to calculate our income tax provision or benefit for the interim periods' year-to-date financial results. Deferred tax assets and liabilities are measured using the tax rates, based on certain judgments regarding enacted tax laws and published guidance, in effect in the years when those temporary differences are expected to reverse. A valuation allowance is established against the deferred tax assets when it is more likely than not that some portion or all of the deferred taxes may not be realized. The calculation of the deferred tax assets and liabilities, as well as the decision to recognize a tax benefit from an uncertain position and to establish a valuation allowance require management to make estimates and assumptions. We believe that our assumptions and estimates are reasonable, although actual results may have a positive or negative material impact on the balances of deferred tax assets and liabilities, valuation allowances or net income (loss). Only the assumptions and estimates for the calendar year 2013 are used to determine the reasonableness of the Company's deferred tax assets and liabilities as of the period ended March 31, 2013. Due to the operating results in the first quarter of 2013, an adjustment to our valuation allowance was determined to be necessary. Therefore, for the three months ended March 31, 2013, the Company increased its valuation allowance by $1.0 million, bringing the total valuation allowance relating to federal and state deferred tax assets to $18.1 million.

For the three months ended March 31, 2013, our effective tax rate was (1.6)% compared to (1.0)% for the same period in 2012. Due to the valuation allowance, any federal tax expense or benefit generated in 2013 will have no net effect on the income tax provision. The tax expense recorded for the three months ended March 31, 2013 relates solely to state tax expense.

5. Loss per common share

Basic and diluted loss per common share were computed as follows:

	Three Months Ended March 31,
	(in thousands, except per share amounts)
	2013			2012
Numerator:
Net loss	$	(3,255	)	$	(5,649	)

Denominator:
Basic-weighted average shares		17,924			17,727
Effect of dilutive stock options		-			-
Diluted-weighted average shares		17,924			17,727

Basic loss per common share	$	(0.18	)	$	(0.32	)
Diluted loss per common share	$	(0.18	)	$	(0.32	)

Options totaling 333,000 and 433,000 shares were outstanding but were not included in the calculation of diluted weighted average shares for 2013 and 2012, respectively, as their effect would be anti-dilutive. As of March 31, 2013 and 2012, the Company has outstanding 478,000 and 433,000 deferred stock units, respectively, which have a contractual participation right to share in current dividends and voting rights. These deferred stock units are included in basic weighted average shares outstanding.

6. Related Party Transactions

On February 27, 2013, the Company sold its 19.9% equity interest in W&B Service Company, L.P. ("W&B") for $3.2 million. The Company's book value of this equity method investment at the date of sale was $1.6 million, resulting in a gain of $1.6 million during the first quarter of 2013. The equity investment at December 31, 2012, which was included in "Other Assets" in the Company's consolidated condensed balance sheets, was $1.7 million. Any transactions the Company has with W&B subsequent to the sale of our investment are not considered related party transactions.

During the period from January 1, 2013 through February 27, 2013, our equity in the earnings of W&B was a loss of $10,000, after final adjustments. During the three months ended March 31, 2012, our equity in the earnings of W&B was $235,000. Cash distributions to us from W&B's earnings during these same periods of 2013 and 2012 were $180,000 and $31,000, respectively.

During the period from January 1, 2013 through February 27, 2013, the Company made no purchases from W&B for trailers or refrigeration units. During the three months ended March 31, 2012, we did not make any such purchases from W&B. The Company also utilizes W&B to provide routine maintenance and warranty repair of trailers and refrigeration units. During the period from January 1, 2013 through February 27, 2013, W&B invoiced the Company $129,000 for maintenance and repair services, accessories and parts. During the three months ended March 31, 2012, W&B invoiced us $540,000 for these services and related items.

7. Commitments and Contingencies

The Company is involved in legal actions that arise in the ordinary course of business. Although the outcomes of any such legal actions cannot be predicted, in the opinion of management, the resolution of any currently pending or threatened actions will not have a material adverse effect upon our financial position or results of operations.

The Company accrues for costs related to public liability, cargo, employee health insurance and work-related injury claims. When a loss occurs, we record a reserve for the estimated outcome. Public liability and cargo claims expenses are recognized under claims and insurance; employee health and work-related injury expenses are recognized under salaries, wages and related expenses. As additional information becomes available, adjustments are made. Accrued claims liabilities include all such reserves and our estimate for incidents that have been incurred but not reported.

8. Recent Accounting Pronouncements

We have reviewed recently issued accounting pronouncements and determined that they do not have a material impact on our consolidated financial statements.

9. Subsequent Events

On April 11, 2013, the Company amended its secured credit facility to increase the maximum amount available for issuing letters of credit from $7.5 million to $10.0 million.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying unaudited consolidated condensed financial statements and our Annual Report on Form 10-K for the year ended December 31, 2012. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including, but not limited to, those included in Part I, Item 1A of our Form 10-K for the year ended December 31, 2012. We do not assume, and specifically disclaim, any obligation to update any forward-looking statement contained in this report.

OVERVIEW

Frozen Food Express Industries, Inc. is one of the leading temperature-controlled truckload ("TL") and less-than-truckload ("LTL") carriers in the United States with core operations in the transport of temperature-controlled products and perishable goods including food, health care and confectionery products. Service is offered in over-the-road and intermodal modes for temperature-controlled TL and LTL, as well as dry TL on a non-dedicated fleet basis. We also provide bulk tank water transportation, brokerage/logistics and dedicated services to our customers. Generally, we are paid by the mile, the weight or the number of trucks being utilized by our dedicated service customers. We also derive revenue from fuel surcharges, loading and unloading service charges, equipment detention and other ancillary services. The main factors that affect our revenue are the rate per mile we receive from our customers, the percentage of miles for which we are compensated and the number of miles we generate with our equipment. These factors relate to, among other things, the United States economy, inventory levels, the level of truck capacity in the transportation industry and specific customer demand. We monitor our revenue production primarily through average revenue per truck per week, net of fuel surcharges, revenue-per-hundredweight for our LTL services, empty mile ratio, revenue per loaded (and total) miles, the number of linehaul shipments, loaded miles per shipment and the average weight per shipment.

The trucking industry continues to be challenged by operating costs increasing at a faster rate than pricing due, in part, to increased government regulations and recruiting and retention costs related to driver shortages. The Company continues to focus on holding its pricing yields gained throughout 2012 and improving upon them in 2013. This has resulted in continued improvement in both LTL revenue per hundredweight and TL revenue per mile in the first quarter of 2013 versus the same quarter in 2012, despite some weakening in the industry that hampered anticipated revenue and yield improvements in February and March of this year. Though a driver shortage continues throughout the industry, enhanced recruitment efforts provided a significant increase in our pool of owner operators and our FFE Driver Academy continues to provide a reliable supply of well-trained drivers, as well as support the development of our water transport services. These efforts have allowed the Company to provide new, higher yield service offerings and improve our service standards across all operations. This attention to service contributed to double-digit increases in LTL tonnage and solid growth in TL billed miles. As a result of our high service standards, a continuing capacity shortage in the industry and mounting service requirements, pricing has been maintained at improved levels throughout the three months ended March 31, 2013 versus the three months ended March 31, 2012.

In 2012, the Company emphasized renewal of its fleet of tractors, aggressively expanded its pool of owner operators and pushed revenue growth initiatives. These efforts have continued into 2013, resulting in a year over year revenue growth of $9.9 million, or 11.3%, in the three months ended March 31, 2013 compared to the three months ended March 31, 2012. This growth came despite fewer working days in the first quarter of 2013 versus 2012, as well as harsher weather conditions in February and March of 2013 versus the same period in 2012. The majority of the Company's service offerings contributed to the revenue growth, led by a 17.8% increase in LTL services followed by a 14.5% increase in total TL linehaul services. Fuel surcharge revenue increased $2.0 million in the first quarter of 2013 compared to the same period in 2012, primarily due to fuel price increases and increased miles driven. Fuel surcharges are used to partially offset the higher cost of tractor fuel, but provide minimal offset to higher fuel costs related to our refrigeration units. Additionally, fuel surcharges do not offset other escalating costs, such as those related to equipment, government regulations, such as the Compliance Safety Accountability ("CSA") program, or higher driver recruiting and retention costs.

Although the Company was negatively impacted by fewer operating days and inclement weather in the three months ended March 31, 2013 compared to the three months ended March 31, 2012, the Company significantly reduced its operating losses by growing revenue at a greater rate than operating expenses. Operating expenses as a percentage of total operating revenue or "operating ratio" improved to 104.1% for the three months ended March 31, 2013 compared to 105.9% for the same period in 2012. Year-over-year comparisons of operating and pre-tax losses were made somewhat difficult, as the gain on sale of equipment during the first quarter of 2012 was $1.8 million, versus $0.3 million during the same period of 2013. In addition, in the first quarter of 2013, the pre-tax loss included a one-time miscellaneous income gain of $1.6 million from the sale of an investment in another company.

Results of Operations

For the three months ended March 31, 2013, our total operating revenue increased by $9.9 million, or 11.3%, to $97.8 million compared to the same period in 2012. Our total operating revenue, net of fuel surcharges, increased $7.9 million, or 11.2%, to $78.0 million compared to $70.1 million in the same period in 2012. The revenue growth was driven by a $5.1 million increase from LTL services and a $4.4 million increase in total TL linehaul services due to the increased capacity provided by a 53.6% increase in owner operators and 2.3% increase in Company drivers. Dedicated services revenue declined $1.2 million as a result of the decision to exit an unprofitable service relationship and shift additional trucks to our LTL and TL services. Brokerage and logistics revenue declined by $0.9 million, primarily as a result of exiting a customer relationship in January of 2012, while water services for oil field customers grew slightly by $0.3 million. Our enhanced recruitment efforts for owner operators grew our pool of available drivers and increased equipment rental revenues in the three months ended March 31, 2013 by $0.6 million, or 63.4%, compared to the same period in 2012. The overall fleet's weekly average trucks in service grew in the three months ended March 31, 2013 by 178 trucks, or 12.0%, compared to the same period in 2012. Excluding fuel surcharges, our average revenue per tractor per week increased 2.0%. Total revenue per loaded mile increased 3.0% to $1.70 in the three months ended March 31, 2013 compared to $1.65 in the same period of 2012. As a result of emphasizing enhanced services to certain customers, our empty mile ratio increased slightly to 12.5% in 2013 compared to 11.6% in 2012. LTL revenue increased 17.8%, in the three months ended March 31, 2013 compared to the same period in 2012 due to a 7.3% increase in our average LTL revenue per hundredweight from $14.13 to $15.16 and a 13.1% increase in the number of LTL shipments.

The impact of our reduced losses in the first quarter of 2013 compared to the same period in 2012 attributable to operating expenses is primarily influenced by variable costs associated with transporting freight for our customers and fixed costs largely related to salaried operations personnel, facilities and equipment. Costs that are more variable in nature include fuel expense, driver-related expenses such as wages, benefits, recruitment and training, and owner operator costs, which are recorded under purchased transportation. Expenses that have both fixed and variable components include maintenance, tire expense and our total cost of insurance and claims. These expenses generally vary with the miles we drive, but also have a controllable component based on safety, fleet age, efficiency and other factors. Our primary fixed costs relate to the acquisition and financing of long-term assets, such as revenue equipment and service centers. Although certain factors affecting our expenses are beyond our control, we monitor them closely and attempt to anticipate changes in these factors to help us manage our business. For example, fuel prices fluctuated dramatically and quickly at various times during the last several years. We manage our exposure to changes in fuel prices primarily through fuel surcharge programs with our customers, as well as through volume fuel purchasing arrangements with national fuel centers and bulk purchases of fuel at our service centers. To help further reduce fuel expense, we manage the maximum rate of speed and, using anti-idling devices on most tractors, monitor tractor engine efficiency through controlling cab temperatures when idle. In addition, we anticipate new technology that has been deployed will contribute to improved management of out of route miles and other factors that influence fuel costs.

Our operating ratio was 104.1% for the three months ended March 31, 2013 compared to 105.9% in the same period of 2012. Our loss per basic and diluted share was $0.18 in the first quarter of 2013 compared to $0.32 in the same period of 2012.

Our business requires substantial, ongoing capital investments, particularly for new tractors and trailers. At March 31, 2013, we had $25.8 million borrowed under our credit facility and $25.2 million in stockholders' equity. In the first quarter of 2013, we added revenue equipment of $1.1 million and recognized a gain of $0.3 million on the disposition of used equipment which compares to a gain of $1.8 million for the three months ended March 31, 2012. Proceeds from revenue equipment sales were $1.3 million. These capital expenditures were primarily funded with proceeds from long-term notes payable financed through large capital financing institutions. We estimate that capital expenditures, net of proceeds from dispositions, should not exceed $3 million in 2013. During the first quarter of 2013, we also incurred revenue equipment rent of $12.2 million compared to $10.2 million in the same period of 2012, as we lease many of our trucks and trailers.

The following table summarizes and compares the significant components of revenue and presents our operating ratio and revenue per truck per week for each of the three-month periods ended March 31:

Revenue from: ^(a)	2013			2012
Temperature-controlled services	$	28,136		$	24,502
Dry-freight services		6,168			5,445
Total truckload linehaul services		34,304			29,947
Dedicated services		3,605			4,836
Total truckload		37,909			34,783
Less-than-truckload linehaul services		33,358			28,306
Fuel surcharges		19,811			17,794
Brokerage and logistics services		5,224			6,116
Equipment rental		1,529			936
Total operating revenue		97,831			87,935

Operating expenses		101,861			93,148
Loss from operations	$	(4,030	)	$	(5,213	)
Operating ratio ^(b)		104.1	%		105.9	%

Total truckload revenue	$	37,909		$	34,783
Less-than-truckload linehaul revenue		33,358			28,306
Total linehaul and dedicated services revenue	$	71,267		$	63,089

Weekly average trucks in service		1,660			1,482
Revenue per truck per week ^(c)	$	3,339		$	3,275

Computational notes:
^(a)	Revenue and expense amounts are stated in thousands of dollars.
^(b)	Operating expenses divided by total revenue.
^(c)	Average daily revenue times seven divided by weekly average trucks in service.

The following table summarizes and compares selected statistical data relating to our freight operations for each of the three-month periods ended March 31:

Truckload	2013			2012
Total linehaul miles ^(a)		23,009			20,550
Loaded miles ^(a)		20,142			18,156
Empty mile ratio ^(b)		12.5	%		11.6	%
Linehaul revenue per total mile ^(c)	$	1.49		$	1.46
Linehaul revenue per loaded mile ^(d)	$	1.70		$	1.65
Linehaul shipments ^(a)		22.0			19.6
Loaded miles per shipment ^(e)		917			929
Less-than-truckload
Hundredweight ^(a)		2,201			2,004
Shipments ^(a)		75.9			67.1
Linehaul revenue per hundredweight ^(f)	$	15.16		$	14.13
Linehaul revenue per shipment ^(g)	$	440		$	422
Average weight per shipment ^(h)		2,901			2,986

Computational notes:
^(a)	In thousands.
^(b)	Total truckload linehaul miles less truckload loaded miles divided by total truckload linehaul miles.
^(c)	Revenue from truckload linehaul services divided by truckload total linehaul miles.
^(d)	Revenue from truckload linehaul services divided by truckload loaded miles.
^(e)	Total truckload loaded miles divided by number of truckload linehaul shipments.
^(f)	LTL revenue divided by LTL hundredweight.
^(g)	LTL revenue divided by number of LTL shipments.
^(h)	LTL hundredweight times one hundred divided by number of LTL shipments.

The following table summarizes and compares the makeup of our fleet between company-provided tractors and tractors provided by owner-operators as of March 31:

	2013		2012
Total company tractors available for freight operations		1,342		1,312
Total owner-operator tractors available for freight operations		384		250
Total tractors available for freight operations		1,726		1,562
Total trailers available for freight operations		3,237		3,118

Comparison of Three Months Ended March 31, 2013 to Three Months Ended March 31, 2012

The following table sets forth revenue, operating income, operating ratios and revenue per truck per week and the dollar and percentage changes of each:

Revenue from ^(a)	2013			2012			Change 2013 vs. 2012			Percentage Change 2013 vs. 2012
Temperature-controlled services	$	28,136		$	24,502		$	3,634			14.8		%
Dry-freight services		6,168			5,445			723			13.3
Total truckload linehaul services		34,304			29,947			4,357			14.5
Dedicated services		3,605			4,836			(1,231	)		(25.5	)
Total truckload		37,909			34,783			3,126			9.0
Less-than-truckload linehaul services		33,358			28,306			5,052			17.8
Fuel surcharges		19,811			17,794			2,017			11.3
Brokerage and logistics services		5,224			6,116			(892	)		(14.6	)
Equipment rental		1,529			936			593			63.4
Total operating revenue		97,831			87,935			9,896			11.3

Operating expenses		101,861			93,148			8,713			9.4
Loss from operations	$	(4,030	)	$	(5,213	)	$	1,183			(22.7	)	%
Operating ratio ^(b)		104.1	%		105.9	%

Total truckload revenue	$	37,909		$	34,783		$	3,126			9.0		%
Less-than-truckload linehaul revenue		33,358			28,306			5,052			17.8
Total linehaul and dedicated services revenue	$	71,267		$	63,089		$	8,178			13.0		%

Weekly average trucks in service		1,660			1,482			178			12.0		%
Revenue per truck per week ^(c)	$	3,339		$	3,275		$	64			2.0		%

Computational notes:
^(a)	Revenue and expense amounts are stated in thousands of dollars.
^(b)	Operating expenses divided by total revenue.
^(c)	Average daily revenue times seven divided by weekly average trucks in service.

Total operating revenue for the first quarter of 2013 increased $9.9 million, or 11.3%, compared to the first quarter of 2012. This increase is largely due to the increases in both weekly average trucks in service and the average revenue per truck per week. Average revenue per truck per week is influenced by billable miles generated, increased tonnage in the LTL linehaul operations and increased pricing yields. Total operating revenue, excluding fuel surcharges, increased by $7.9 million, or 11.2%, to $78.0 million compared to $70.1 million during the first quarter of 2012.

For the three months ended March 31, 2013, total TL revenue, excluding fuel surcharges, increased $3.1 million, or 9.0% to $37.9 million from $34.8 million for the same period of 2012. Supported by increased driver count and a larger fleet of trucks in service, TL revenues increased as loaded miles grew 10.9% and revenue per loaded mile improved 3.0%. This increase was net of a $1.2 million decrease in dedicated services revenue as certain trucks were redeployed from dedicated services to other more profitable service offerings. Overall TL shipments grew 12.3%. Our empty mile ratio increased slightly to 12.5% from 11.6% due to an increase in the mix of certain customers that contributed to a higher empty mile ratio.

LTL revenues increased $5.1 million, or 17.8%, in the first quarter of 2013, compared to the same period in 2012. This increase is due to a 7.3% increase in yield and a total tonnage increase of 9.9%, which was driven by a 13.1% increase in shipments. These improvements are attributable to the Company's continued focus on providing quality service and an emphasis on sales and marketing efforts in this service offering.

Brokerage and logistics services revenue decreased $0.9 million in the three months ended March 31, 2013 primarily as a result of exiting a customer relationship in the three months ended March 31, 2012. The oil field services revenue component of this category was up approximately $0.3 million compared to the same period of 2012.

Fuel surcharges represent the cost of fuel that we are able to pass along to our customers based upon changes in the Department of Energy's weekly indices. Overall fuel surcharge revenue increased in the first quarter of 2013, due to increased fuel prices and increased billed miles compared to the same period of 2012.

The following table sets forth for the periods indicated the dollar and percentage increase or decrease of the items in our consolidated statements of operations and those items as a percentage of revenue:

	(in thousands) Dollar Change			Percentage Change			Percentage of Revenue
	2013 vs. 2012			2013 vs. 2012			2013			2012
Total operating revenue	$	9,896			11.3	%		100.0	%		100.0	%

Operating Expenses
Salaries, wages and related expenses		(218	)		(0.7	)		29.7			33.2
Purchased transportation		3,813			24.1			20.1			18.0
Fuel		(68	)		(0.4	)		19.4			21.6
Supplies and maintenance		549			4.4			13.2			14.1
Revenue equipment rent		1,988			19.5			12.5			11.6
Depreciation		(177	)		(5.8	)		2.9			3.5
Communications and utilities		74			7.9			1.0			1.1
Claims and insurance		1,507			79.1			3.5			2.2
Operating taxes and licenses		(127	)		(11.7	)		1.0			1.2
Gain on sale of property and equipment		1,494			(84.9	)		(0.3	)		(2.0	)
Miscellaneous		(122	)		(9.9	)		1.1			1.4
Total Operating Expenses	$	8,713			9.4	%		104.1	%		105.9	%

Total operating expenses for the first quarter of 2013 increased $8.7 million, or 9.4%, to $101.9 million from $93.1 million in 2012. The operating ratio decreased to 104.1% from 105.9% in 2012 as our total operating revenue increased at a higher rate than our total operating expenses. Contributing to the increase in operating expenses were higher costs attributable to purchased transportation, revenue equipment rent and insurance and claims. Purchased transportation costs grew as a result of extensive recruitment efforts, which resulted in a 53.6% increase in owner operators deployed. Gains from sales of property and equipment were $1.5 million lower in the first quarter of 2013 partially due to the gain on sale of an owned facility in the first quarter of 2012 and also fewer units of equipment being sold in 2013 compared to 2012. Revenue equipment rent expense increased by 19.5% in the first quarter of 2013, which was attributable to our use of new tractors under operating leases to replace older tractors.

Salaries, wages and related expenses consist of compensation for our employees, including drivers and non-drivers. It also includes employee-related costs, including the costs of payroll taxes, work-related injuries, group health insurance and other fringe benefits. The most variable of the salary, wage and related expenses is driver pay, which is affected by the mix of Company drivers and owner-operators in our fleet as well as the efficiency of our over-the-road operations. Overall salaries, wages and related expenses declined $0.2 million, or 0.7%. Driver salaries including per diem costs increased $0.2 million, or 1.0%, primarily due to a slight increase in driver headcount and an increase in total Company miles driven. Non-driver salaries remained relatively flat despite a slight increase in headcount support primarily in LTL and other operational areas. Our overall non-driving employee count was 693 at the end of the first quarter of 2013 compared to 664 at the end of the same period in 2012. Group health insurance costs decreased by $0.3 million primarily due to fewer large claims, slightly higher employee contributions and adjustments to plan coverage. Work related injuries cost was up $44,000 compared to the same period last year.

Purchased transportation expense consists of payments to owner-operators for the equipment and services they provide, payments to other motor carriers who handle our brokerage and logistics services and to various railroads for intermodal services. It also includes fuel surcharges paid to our owner-operators for which we charge our customers. These expenses are highly variable with revenue and/or the mix of Company drivers versus owner-operators. The pool of available owner operators increased 53.6% as a result of enhanced recruiting efforts. Purchased transportation expense increased $3.8 million, or 24.1%, in the first quarter of 2013 compared to the same period in 2012. The portion of our purchased transportation connected with our TL and LTL services increased $3.0 million, excluding fuel surcharges, primarily reflecting a 53.6% increase in the number of owner-operators utilized during the first quarter of 2013. Fuel payments to our owner-operators increased $1.4 million in the first quarter of 2013 to $5.0 million due to higher fuel prices combined with a greater number of miles run.

Fuel expense and fuel taxes decreased by $0.1 million, or 0.4%, to $18.9 million from $19.0 million for the same period in 2012. Although fuel prices increased in the three months ended March 31, 2013, the slight decrease in cost was attributable to higher compliance by our fleet in utilization of our fuel cost optimizer programs compared to the three months ended March 31, 2012. We have fuel surcharge provisions in substantially all of our transportation contracts and attempt to recover a portion of fuel price increases through fuel surcharges and rates to our customers. Our fuel surcharges apply to tractor fuel burned in loaded miles, but not empty miles, and only minimally apply to fuel used for the refrigeration units.

Supplies and maintenance expenses primarily consist of repairs, maintenance and tires along with load specific expenses including loading/unloading, tolls, pallets, pickup and delivery and recruiting. Supplies and maintenance costs increased $0.5 million, or 4.4%, for the first quarter 2013 from the same period in 2012. An increase in water transport costs of $0.4 million was the largest single increase in this area. Fleet repairs and maintenance costs were lower compared to last year by approximately $0.4 million due to less refurbishment work as the Company sold less equipment than in 2012. Freight handling and driver travel expenses, together increased $0.5 million primarily due to the increase in shipments and miles driven.

Total revenue equipment rent increased $2.0 million, or 19.5%, to $12.2 million from $10.2 million in 2012. The increase is primarily due to an increase in the average number of tractors under lease during the first quarter of 2013 to 1,540 from 1,273 during the first quarter of 2012 and higher equipment prices. Due to the continued increase in equipment prices, the average cost of equipment will increase as we replace older equipment with new equipment, which, depending upon the Company's lease versus purchase decisions, could cause equipment rent expense to increase in future periods.

Depreciation relates to owned tractors, trailers, communications units, service centers and other assets. Gains or losses on dispositions of revenue equipment are set forth in a separate line item within our statements of operations. Depreciation expense for the three months ended March 31, 2013 decreased $0.2 million, or 5.8%, compared to the same period in 2012. Depreciation expense is also dependent upon the mix of Company-owned equipment versus leased equipment. Future depreciation expense will also be impacted by our leasing decisions.

Claims and insurance expenses consist of the costs of premiums for insurance accruals we make within our self-insured retention amounts, primarily for personal injury, property damage, physical damage and cargo claims. These expenses will vary and are dependent on the frequency and severity of accidents, our self-insured retention amounts and the insurance market. Claims and insurance costs increased by $1.5 million, or 79.1%, to $3.4 million from $1.9 million in 2012. The increase resulted from reserve increases on existing claims, new claims, as well as additional insurance premiums for the purpose of providing reduced deductibles. The Company is self-insured for the first $1 million of all losses. On June 1, 2012, the Company purchased insurance policies to cover almost all losses greater than $1 million up to $75 million. The policy purchased to cover the $2 million to $10 million layer of losses contains a self-insured corridor of $1 million, which essentially limits total losses, within the $2 million to $10 million layer, to $1 million in aggregate for any insurance year and means any loss amounts in excess of $3 million on any claims incurred after May 31, 2012, are fully covered for the amount in excess of $3 million up to $75 million. For claims incurred prior to June 1, 2012, the Company is responsible for the first $4.0 million on personal injury and property damage liability claims and has excess coverage from $4.0 million to $75.0 million. Our self-insured retention exposes us to the possibility of fluctuations in claims expense between periods depending on the frequency, severity and timing of claims and to adverse financial results if we incur large or numerous losses. In the event of an uninsured claim above our insurance coverage, a claim that approaches the maximum self-insured retention level or an increase in the frequency or severity of claims within our self-insured retention, our financial condition and results of operations could be materially and adversely affected.

As a result of factors described above, our net loss decreased to $3.3 million compared to a net loss of $5.6 million over the same period in 2012. Our net loss per share in the first quarter of 2013 decreased to $0.18 per diluted share from a net loss of $0.32 per diluted share in the first quarter of 2012.

LIQUIDITY AND CAPITAL RESOURCES

Our business requires substantial, ongoing capital investments, particularly for new tractors and trailers. Our primary sources of liquidity are funds provided by operations, our secured revolving credit facility and our ability to enter into equipment leases with various financing institutions. A portion of our tractor fleet is provided by owner-operators who own and operate their own equipment. We have no capital expenditure requirements relating to those drivers who own their tractors or obtain financing through third parties. However, to the extent we purchase tractors and extend financing to the owner-operators through our tractor lease-purchase program, we have an associated capital expenditure requirement.

Reduced operating losses and the proceeds from the sale of our equity interest in a limited partnership supported our liquidity requirements in the three months ended March 31, 2013. The net loss fell $2.4 million for the first quarter of 2013 compared to the first quarter of 2012, and the Company's overall use of cash in operating activities was reduced $4.9 million versus the first quarter of 2012. Proceeds from the sale of our investment in a limited partnership contributed $3.2 million while sales of equipment predominantly purchased through a lease exceeded related expenditures by approximately $0.2 million. We reduced overall debt $1.2 million in the first quarter of 2013 compared to an overall increase in debt of $3.9 million in the first quarter of 2012. Continued reduction of losses and the return to profitability is important for the sustainability of our liquidity requirements. To achieve this improvement, the Company has the following goals for 2013:

·	Continued yield improvement in our core operations. In the three months ended March 31, 2013, we averaged a 3.0% improvement in revenue per loaded mile for our TL operations and a 7.3% improvement in revenue per hundredweight for our LTL operations, versus the three months ended March 31, 2012.
·	Continued improvement in our truck count through driver increases provided by our FFE Driver Academy and overall retention efforts and a moderate increase in owner-operators. In the three months ended March 31, 2013, we increased overall truck count by 12.0% or 178 versus the three months ended March 31, 2012.
·	Continued growth in our LTL tonnage through increased shipments. LTL shipment counts increased 13.1% in the three months ended March 31, 2013 versus the three months ended March 31, 2012. We continue to focus on our service quality and anticipate continued improvement in our LTL services.
·	Continued cost containment. As our volume and revenue increases, we expect our costs to increase in line with revenue increases in 2013. Our operating ratio, the percentage of total operating expenses compared to total operating revenue, improved to 104.1% compared to 105.9% in the three months ended March 31, 2012. We expect to manage operating costs to continue to grow at a lesser rate than revenue.

The Company, with approval from its bank lender, also has the ability to generate additional liquidity through mortgage-based financing related to its owned properties.

In November 2007, our Board of Directors approved a share repurchase program to repurchase up to 1.3 million shares of our common stock. This program is intended to be implemented through purchases made in either the open market or through private transactions. The timing and extent to which we will repurchase shares depends on market conditions, our bank agreement, and other corporate considerations. We made no open market purchases in 2013 or 2012 and have available approximately 740,300 shares that can be repurchased from this and previous authorizations. The repurchase program does not have an expiration date.

We establish credit terms with our customers based upon their financial strength and their historical payment pattern. Many of our largest customers under contract are Fortune 500 companies. Given the current economic conditions, we have placed additional emphasis on our review of significant outstanding receivable balances. Accounts receivable are recorded at the invoiced amounts, net of an allowance for doubtful accounts. A considerable amount of judgment is required in assessing the realization of these receivables including the current creditworthiness of each customer and related aging of the past-due balances, including any billing disputes. In order to assess the collectability of these receivables, we perform ongoing credit evaluations of our customers' financial condition. Through these evaluations, we may become aware of a situation in which a customer may not be able to meet its financial obligations due to deterioration of its financial viability, credit ratings or bankruptcy. Our allowance for doubtful accounts is based on the best information available to us and is reevaluated and adjusted as additional information is received. We evaluate the allowance based on historical write-off experience, the size of the individual customer balances, past-due amounts and the overall national economy. Invoice balances outstanding past the contractual due date are considered past due per our policy and the customer balances are reviewed for collectability. Initial payments by new customers are monitored for compliance with contractual terms. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential recovery is considered remote.

The Company has a secured committed credit facility with an aggregate maximum availability of $50.0 million that matures in March 2015. The facility provides for the ongoing working capital needs and general corporate purposes required by the Company. At March 31, 2013, the borrowing base availability under the credit facility was $42.1 million; $25.8 million was borrowed and $6.6 million of standby letters of credit, which are used primarily for our self-insurance programs and legal matters, were issued. These reduced the availability under our credit facility to $9.7 million.

The obligations under the credit facility are guaranteed by Frozen Food Express Industries, Inc. and certain named subsidiaries and secured by a pledge of substantially all of our assets. The obligations bear interest as follows: (i) for Base Rate Loans (as defined in the credit facility), at the Base Rate, which for any day is a per annum rate equal to the greater of (a) the Prime Rate for such day; (b) the Federal Funds Rate for such day plus 0.50%; or (c) LIBOR for a 30 day interest period as determined on such day plus 1.0%, plus in each case the Applicable Margin; (ii) for LIBOR Loans (as defined in the credit facility), at LIBOR for the applicable interest period plus the Applicable Margin; or (iii) for any other obligation under the credit facility (including, to the extent permitted by law, interest not paid when due), at the Base Rate in effect from time to time, plus the Applicable Margin for Base Rate Revolver Loans (as defined in the credit facility). Interest shall accrue from the date the loan is advanced or the obligation is incurred or payable, until paid by the borrowers. If a loan is repaid on the same day made, one day's interest shall accrue. We are obligated to comply with certain covenants under the credit facility. These covenants provide various guidelines and/or restrictions related to inspections, financial information, notices, insurance, subsidiaries, permitted debt and permitted liens. It also provides for a fixed charge coverage ratio of 1.10 to 1.00 should the availability on the credit line be less than $7.0 million for three consecutive days or less than $6.5 million for any day. The fixed charge coverage ratio is equal to the ratio, determined for the Company for the most recent twelve-month period, of (a) EBITDA minus certain capital expenditures and cash taxes paid, to (b) fixed charges, which are equal to the sum of (i) interest expense (other than payment-in-kind), (ii) principal payments made on certain borrowed money, (iii) distributions, interest or dividends on equity interests made and (iv) during certain times, depreciation expenses attributable to certain equipment of the Company based upon a 60-month straight-line depreciation schedule. EBITDA is the Company's net income, calculated before interest expense, provision for income taxes, depreciation and amortization expense, gains or losses arising from the sale of capital assets, gains arising from the write-up of assets, and any extraordinary gains. If our borrowing base availability drops below $7.0 million for three consecutive days or $6.5 million for any day, we would not be in compliance with this covenant. Under this circumstance, should we need to utilize a portion of the remaining availability, we would seek a waiver of this covenant requirement from our bank. We had $9.7 million in availability at March 31, 2013, and we do not anticipate requesting such a waiver in 2013.

The credit facility calls for the Applicable Margin to be determined by the fixed charge ratio for the end of the quarter prior to the current quarter as defined in the Loan and Security Agreement. The Applicable Margin table, as determined in the Loan and Security Agreement is shown below. The Company operated at Level IV for the first quarter of 2013. The Company anticipates that it will continue to operate at Level IV in the short run but could improve to Level III or Level II depending upon our future results of operations in 2013.

Applicable Margin: with respect to any type of loan, the margin set forth below, as determined by the Fixed Charge Coverage Ratio for the last fiscal quarter:

Level	Ratio	Base Rate Revolver Loans (other than Base Rate Equipment Loans)	LIBOR Revolver Loans (other than LIBOR Equipment Loans)	Base Rate Equipment Loans	LIBOR Equipment Loans
I	> 2.00 to 1.00	1.00 %	2.00 %	1.50 %	2.50 %
II	> 1.15 to 1.00 and < 2.00 to 1.00	1.25 %	2.25 %	1.75 %	2.75 %
III	> 1.00 to 1.00 and < 1.15 to 1.00	1.50 %	2.50 %	2.00 %	3.00 %
IV	< 1.00 to 1.00	1.75 %	2.75 %	2.25 %	3.25 %

As of March 31, 2013, we were in compliance with the covenants under the credit facility and anticipate our compliance with the covenants under the credit facility, as amended on April 11, 2013, will continue throughout 2013.

In the normal course of business, the Company has entered into various master security agreements and a capital lease agreement as a different option from operating leases to finance the purchase of revenue equipment at more favorable rates. The master security agreements provide for funding structured as promissory notes. The effective interest rates on the promissory notes range from 4.4% to 7.9%. The capital lease obligation for approximately $3.0 million of revenue equipment is structured as a 60 month rental agreement with a fixed price purchase option. The effective interest rate on the lease is approximately 6.8%. The capital lease agreement requires us to pay personal property taxes, maintenance and operating expenses. The future payments due under the notes payable and capital lease agreement are shown in Contractual Obligations within this section of Management's Discussion and Analysis.

The table below reflects our net cash flows provided by (used in) operating activities, investing activities and financing activities and outstanding debt for the periods indicated.

	(in thousands)
	Three Months Ended March 31,
	2013				2012
Net cash flows used in operating activities		$	(4,360	)		$	(9,275	)
Net cash flows provided by investing activities			3,573				5,852
Net cash flows (used in) provided by financing activities			(1,114	)			3,853
Borrowings under credit facility			25,839				24,241
Long-term notes payable and capital lease obligations			16,095				8,409

During the three months ended March 31, 2013, cash flows used in operating activities improved compared to the same period in 2012. This improvement was in part due to the $2.4 million reduction in net loss in the first quarter of 2013 compared to the first quarter of 2012. Non-cash gains from the sale of equipment were lower as a result of selling fewer units of owned and leased equipment in 2013 than in the prior year. Partially offsetting these improvements was the non-cash gain on the sale of our equity investment in W&B Service Company, L.P that occurred in the first quarter of 2013. Primary changes in operating capital included decreases in cash provided by accounts receivable and other current assets that were due to cash collected in the first quarter of 2012 attributable to certain discontinued service offerings and fewer sales of used revenue equipment in the first quarter of 2013, respectively. Offsetting these was a reduction in cash used for accounts payable due largely to the timing of payments for various operating expenditures.

Cash flows provided by investing activities decreased for the three months ended March 31, 2013 compared to the same period in 2012 primarily due to the reduction in sales of equipment, as mentioned above, combined with a moderate increase in capital expenditures. Partially offsetting the decrease were the proceeds of $3.2 million from the sale of our equity investment in W&B in the first quarter of 2013.

The primary change in cash flows from financing activities is attributable to the $4.7 million reduction in net borrowings under our credit facility in the first quarter of 2013 compared to the same period in 2012.

The following is a summary of our contractual obligations as of March 31, 2013:

	(in thousands)
Contractual Obligations	Total		2013			2014-2015		2016-2017	After 2017
Letters of credit	$	6,587	$	4,109	$	2,478	$	-	$	-
Borrowings under credit facility		25,839		-		25,839		-		-
Capital lease obligations, including interest		2,828		416		1,110		1,302		-
Notes payable, including interest		21,198		2,880		6,911		5,384		6,023
Operating lease obligations
Rentals		121,670		33,092		63,431		15,316		9,831
Residual guarantees		31,505		4,943		16,824		9,022		716
	$	209,627	$	45,440	$	116,593	$	31,024	$	16,570

As of March 31, 2013, we had no purchase obligations that are commitments for equipment replacement.

Off-Balance Sheet Arrangements

As of March 31, 2013, we had leased 1,549 tractors and 2,027 trailers under operating leases as well as seven service centers with 10,000 square feet or more, with varying termination dates ranging from January 2014 through May 2024 and total obligations of $121.7 million. Rent expense related to operating leases involving vehicles during the first quarters of 2013 and 2012 was $12.2 million and $10.2 million, respectively. In general, the equipment lease renewal terms include month-to-month extensions at the current lease payment terms, purchase options at fair market value or an early buy-out option on certain tractor leases. These lease agreements require us to pay personal property taxes, maintenance, and operating expenses. As of March 31, 2013, we maintained $6.6 million in standby letters of credit related to self-insured programs and legal matters. These standby letters of credit allow the Company to self-insure a portion of its insurance exposure.

Inflation and Fuel Costs

Most of our operating expenses are inflation-sensitive, with inflation generally producing increased costs of operations. During the past three years, the most significant effects of inflation have been on revenue equipment prices, accident claims, health insurance, employee compensation, maintenance parts and supplies, and fuel. We attempt to limit the effects of inflation through increases in freight rates, fixed price contracts and cost control efforts.

In addition to inflation, fluctuations in fuel prices can affect our profitability. We require substantial amounts of fuel to operate our tractors and power the temperature-control units on our trailers. Most of our contracts with customers contain fuel surcharge provisions. Although we historically have been able to pass through most long-term increases in fuel prices and related taxes to our customers in the form of surcharges and higher rates, such increases usually are not fully recovered due to empty miles and refrigeration unit fuel usage. Fuel cost related to the refrigeration units is only minimally offset by a fuel surcharge. We do not currently hedge our exposure to fuel prices through financial derivatives.

Seasonality

Our temperature-controlled TL operations are affected by seasonal changes. The growing seasons for fruits and vegetables in Florida, California and Texas typically create increased demand for trailers equipped to transport cargo requiring refrigeration. Our LTL operations are also impacted by the seasonality of certain commodities. LTL shipment volume during the winter months is normally lower than other months. Shipping volumes of LTL freight are usually highest from July through October. LTL volumes also tend to increase in the weeks before holidays such as Easter, Halloween, Thanksgiving and Christmas when significant volumes of food and candy are transported.

Our tractor productivity generally decreases during the winter season as inclement weather impedes operations and some shippers typically reduce their shipments as there is less need for temperature control during colder months than warmer months. At the same time, operating expenses generally increase with harsh weather creating higher accident frequency, increased claims and more equipment repairs. During extended periods of excessive heat, we may experience higher refrigeration fuel and repair costs. To the extent that extreme weather patterns increase in severity or frequency due to climate changes, we would expect to see an increase in the effect of inclement or extreme weather patterns. We do not have the ability to forecast these potential changes or the impact of these changes.

Effects of Climate Change and Climate Change Regulation

Greenhouse gas emissions have increasingly become the subject of a large amount of international, national, regional, state and local attention. Cap and trade initiatives to limit greenhouse gas emissions have been introduced in the EU. Similarly, numerous bills related to climate change have been introduced in the U.S. Congress, which could adversely impact all industries. In addition, future regulation of greenhouse gas could occur pursuant to future U.S. treaty obligations, statutory or regulatory changes under the Clean Air Act or new climate change legislation. It is uncertain whether any of these initiatives will be implemented, although, based on published media reports, we believe it is not reasonably likely that the current proposed initiatives will be implemented without substantial modification. If such initiatives are implemented, restrictions, caps, taxes, or other controls on emissions of greenhouse gases, including diesel exhaust, could significantly increase our operating costs. Restrictions on emissions could also affect our customers that use significant amounts of energy or burn fossil fuels in producing or delivering the products we carry including, but not limited to, food producers and distributors. Although significant cost increases, government regulation, and changes of consumer needs or preferences for goods or services relating to alternative sources of energy or emissions reductions or changes in our customers' shipping needs could materially affect the markets for the products we carry, which in turn could have a material adverse effect on our results of operations, financial condition, and liquidity, or, in the alternative, could result in increased demand for our transportation services, we are currently unable to predict the manner or extent of such effect.

Critical Accounting Policies

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("US GAAP") requires management to make estimates and assumptions about future events and apply judgments that affect the reported amounts of assets, liabilities, revenue and expenses in our consolidated financial statements and related notes. We base our estimates, assumptions and judgments on historical experience, current trends and other factors believed to be relevant at the time our consolidated financial statements are prepared. However, because future events and their effects cannot be determined with certainty, actual results could differ from our estimates and assumptions, and such differences could be material. We believe the following critical accounting policies affect our more significant estimates, assumptions and judgments used in the preparation of our consolidated financial statements.

Accounts Receivable. We are dependent upon contracts with significant customers that generate a large portion of our revenue. Accounts receivable are recorded at the invoiced amounts, net of an allowance for doubtful accounts. A considerable amount of judgment is required in assessing the realization of these receivables including the current creditworthiness of each customer and related aging of the past-due balances, including any billing disputes. In order to assess the collectability of these receivables, we perform ongoing credit evaluations of our customers' financial condition. Through these evaluations, we may become aware of a situation in which a customer may not be able to meet its financial obligations due to deterioration of its financial viability, credit ratings or bankruptcy. The allowance for doubtful accounts is based on the best information available to us and is reevaluated and adjusted as additional information is received. We evaluate the allowance based on historical write-off experience, the size of the individual customer balances, past-due amounts and the overall state of the economy. We perform ongoing reviews of the adequacy of our allowance for doubtful accounts. Invoice balances past the contractual due date are considered past due per our policy and the customer balances are reviewed for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential recovery is considered remote.

Revenue Recognition. The Company recognizes revenue and the related direct costs on the date the freight is picked up from the shipper. One of the preferable methods under US GAAP provides the recognition of revenue and direct costs when the shipment is completed. Changing to this method would not have a material impact on the quarterly financial results or operations of the Company.

Property and Equipment. The transportation industry is capital intensive. Our net property and equipment was $52.6 million as of March 31, 2013 and $54.7 million as of December 31, 2012. Our depreciation expense was $2.9 million for the three months ended March 31, 2013, which includes $0.1 million related to assets financed under capital leases, and $3.1 million for the same period in 2012, including $0.1 million related to capital leases. Depreciation is computed based on the cost of the asset, reduced by its estimated residual value, using the straight-line method for financial reporting purposes. Accelerated methods are used for income tax reporting purposes. Additions and improvements to property and equipment are capitalized at cost. Maintenance and repair expenditures are charged to operations as incurred. Gains and losses on disposals of revenue equipment are included in operations as they are a normal, recurring component of our operations. We have minimal risk to the used equipment market as the majority of our tractors have a pre-arranged trade-in value typically at the end of 42 months, which is utilized as the residual value in computing depreciation expense.

Impairment of Assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the costs to sell. A significant portion of our total assets are concentrated within accounts receivable and property, plant and equipment. There are several factors that cause the Company to believe that these asset categories, in particular, are not impaired. As discussed above, accounts receivable are regularly monitored and assessed for collectability. Any customer accounts that are considered at-risk are reserved in the allowance for doubtful accounts. Property, plant and equipment, is comprised mostly of land, buildings and improvements, revenue and service equipment; and computers, software and related equipment. Revenue and service equipment poses relatively little risk of becoming impaired, as the current resale market for such equipment is currently favorable to sellers. Our computers, software and related equipment are fully utilized for their intended purpose and depreciated over reasonable terms. We believe the buildings and major improvements in our owned facilities are depreciated well below market value due to the age of the asset, as our youngest facility, which is in Atlanta, is six years old.

Insurance and claims. We are self-insured for a portion of losses relating to workers' compensation, auto liability, general liability, cargo and property damage claims, along with employees' health insurance with varying risk retention levels. We maintain insurance coverage for per-incident occurrences and in excess of these risk retention levels in amounts we consider adequate based upon historical experience and our ongoing review. We reserve currently for the estimated cost of the uninsured portion of pending claims. These reserves are periodically evaluated and adjusted based on our evaluation of the nature and severity of outstanding individual claims and an estimate of future claims development based on historical claims development factors. The Company accrues for the anticipated legal and other costs to settle the claims currently. The Company is self-insured for the first $1 million of all losses. On June 1, 2012, the Company purchased insurance policies to cover almost all losses greater than $1 million up to $75 million. The policy purchased to cover the $2 million to $10 million layer of losses contains a self-insured corridor of $1 million, which essentially limits total losses, within the $2 million to $10 million layer, to $1 million in aggregate for any insurance year and means any loss amounts in excess of $3 million on any claims incurred after May 31, 2012, are fully covered for the amount in excess of $3 million up to $75 million. For claims incurred prior to June 1, 2012, the Company is responsible for the first $4.0 million on personal injury and property damage liability claims and has excess coverage from $4.0 million to $75.0 million. Our self-insured retention exposes us to the possibility of fluctuations in claims expense between periods depending on the frequency, severity and timing of claims and to adverse financial results if we incur large or numerous losses. In the event of an uninsured claim above our insurance coverage, a claim that approaches the maximum self-insured retention level or an increase in the frequency or severity of claims within our self-insured retention, our financial condition and results of operations could be materially and adversely affected.

Income Taxes. The Company records income taxes under the asset and liability method in accordance with US GAAP, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and attributable to operating loss and tax credit carry forwards. As part of the process of preparing our consolidated financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our current tax exposure together with assessing temporary differences resulting from differing treatment of items for tax and financial reporting purposes. These temporary differences result in deferred tax assets and liabilities, which are included in our accompanying consolidated balance sheets. Deferred tax assets and liabilities are measured using the tax rates enacted by certain tax laws and published guidance expected to apply to taxable income in effect to those years in which the temporary differences are expected to reverse. To the extent it is determined it is more likely than not that our deferred tax assets will not be recovered, a valuation allowance must be established for the amount of the deferred tax assets determined not to be realizable. The determination of whether a deferred tax asset is realizable is based on weighing all available evidence, both positive and negative. We believe that our assumptions and estimates are reasonable, although actual results may have a positive or negative material impact on the balances of deferred tax assets and liabilities, valuation allowances or net income. We will apply judgment to determine the amount of valuation allowance, if any, that would be required in any given period. We will continue to assess whether we will realize all, part, or none of the deferred tax assets. Due to our operating results for the three months ended March 31, 2013, our valuation allowance, which relates to federal and state deferred tax assets, increased to $18.1 million as of March 31, 2013 compared to $17.1 million at December 31, 2012. The Company's federal net operating loss carry forward balance is approximately $51.0 million at March 31, 2013 and does not begin to expire until 2028.

RECENT ACCOUNTING PRONOUNCEMENTS

We have reviewed recently issued accounting pronouncements and determined that they do not have a material impact on our consolidated financial statements.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We experience various market risks, primarily from commodity prices and interest rates. These risks have not materially changed between December 31, 2012 and the three months ended March 31, 2013.

Commodity Price Risk

Our operations are heavily dependent upon fuel prices. The price and availability can vary and are subject to political, economic and market factors that are beyond our control. Significant increases in diesel fuel costs could materially and adversely affect our results of operations and financial condition; however, historically, we have been able to recover a portion of diesel fuel price increases from customers in the form of fuel surcharges. Fuel prices have fluctuated greatly in recent years. In some periods, our operating performance was affected because we were not able to fully offset the impact of higher diesel fuel prices through increased freight rates and fuel surcharges. We cannot predict the extent to which high fuel price levels will continue in the future or the extent to which fuel surcharges could be collected to offset such increases. We do not currently enter into derivative hedging arrangements that protect us against fuel price increases. Given the volatility in fuel prices and the impact fuel surcharge revenues have on total operating revenue, we often refer to "total operating revenue excluding fuel surcharges" to provide a more consistent basis for comparison of operating revenue without the impact of fluctuating fuel prices. A 5% increase in the net price per gallon would result in increased fuel costs of approximately $3.8 million, the majority of which we anticipate will be offset by fuel surcharges.

Interest Rate Risk

Our market risk is also affected by changes in interest rates. We have historically maintained a combination of fixed rate and variable rate obligations to manage our interest rate exposure. Fixed rates are generally maintained within our lease obligations while variable rates are contained within our credit facility.

We are exposed to interest rate risk primarily from our credit facility. Our credit facility provides for borrowings that bear interest based on LIBOR, plus a certain percentage. At March 31, 2013 and December 31, 2012 there was $25.8 million and $26.2 million, respectively, outstanding under our current credit facility.

The Company has entered into various master security agreements and a capital lease agreement to finance the purchase of revenue equipment at more favorable fixed rates than through off-balance sheet operating leases. We are not exposed to interest rate risk related to these agreements as the interest rates are fixed.

As of March 31, 2013, we held no market-risk-sensitive instruments for trading purposes. For purposes other than trading, we held approximately 110,000 shares of our common stock at a value of $606,000 in a Rabbi Trust investment. Our consolidated financial statements include the assets and liabilities of the Rabbi Trust established to hold the investments of participants in our 401(k) Wrap Plan and for deferred compensation liabilities under our Executive Bonus and Phantom Stock Plan. Such liabilities are adjusted from time to time to reflect changes in the market price of our common stock. To the extent the trust assets are invested in our stock, our future compensation expense and income will be impacted by fluctuations in the market price of our stock.

Item 4. Controls and Procedures

As required by Rule 13a-15 under the Securities Exchange Act of 1934 (the "Exchange Act"), we have carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) as of the end of the period covered by this report. This evaluation was carried out under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2013. There were no changes in our internal control over financial reporting that occurred during the period covered by this report that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting. We intend to periodically evaluate our disclosure controls and procedures as required by the Exchange Act Rules.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Due to the nature of our industry, we are regularly involved in litigation incidental to our operations, primarily involving claims for personal injury, property damage, work-related injuries and cargo losses incurred in the ordinary and routine transportation of freight. We believe that the routine litigation is adequately covered by our insurance reserves and adverse effects arising from these events will not have a material impact on our financial statements. However, litigation is highly unpredictable and unexpected unfavorable jury verdicts may have a material impact on the financial statements in the future.

Item 1A. Risk Factors

Certain risks associated with our operations are discussed in our Annual Report on Form 10-K for the year ended December 31, 2012, under the heading "Risk Factors" in Item 1A of that report. We do not believe there have been any material changes in these risks during the three months ended March 31, 2013.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On November 9, 2007, our Board of Directors renewed our authorization to purchase up to 1,263,900 shares of our common stock. At March 31, 2013, there were a total of 740,300 remaining authorized shares that could be repurchased. During the first quarter of 2013, 2,800 shares were repurchased. The authorization did not specify an expiration date. Shares may be purchased from time to time on the open market or through private transactions at such times as management deems appropriate. Purchases may be discontinued by our Board of Directors at any time.

Period	Total Number of Shares Purchased (a)	Average Price Paid per Share (b)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (c)	Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (d)
January 2013	-	$	-	-	743,100
February 2013	2,800		1.55	2,800	740,300
March 2013	-		-	-	740,300
Total	2,800	$	1.55	2,800	740,300

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

3.1	Restated Articles of Incorporation of Frozen Food Express Industries, Inc. (filed as Exhibit 3(i) to Registrant Current Report on Form 8-K filed on May 29, 2007 and incorporated herein by reference).

3.2	Amended and Restated Bylaws of Frozen Food Express Industries, Inc., as amended (filed as Exhibit 99.1 to Registrant's Current Report on Form 8-K filed on March 3, 2011 and incorporated herein by reference).

10.1	Third Amendment to Loan and Security Agreement by and among Bank of America, N.A. as agent, the lenders thereto, FFE Transportation Services, Inc., as borrower, and certain of its affiliates, dated as of April 11, 2013 (filed herewith).

31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

101	The following financial statements from Frozen Food Express Industries, Inc. Form 10-Q for the quarter ended March 31, 2013, filed on April 29 2013, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Condensed Balance Sheets, (ii) Consolidated Condensed Statements of Operations, (iii) Consolidated Condensed Statements of Comprehensive Income, (iv) Consolidated Condensed Statements of Cash Flows, (v) Consolidated Condensed Statement of Shareholder's Equity and (vi) Notes to Consolidated Condensed Financial Statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of l934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	FROZEN FOOD EXPRESS INDUSTRIES, INC.
	(Registrant)

Date: April 29, 2013	/s/	S. Russell Stubbs
		S. Russell Stubbs President and Chief Executive Officer (Principal Executive Officer)

Date: April 29, 2013	/s/	John McManama
		John McManama Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

EXHIBIT INDEX

3.1	Restated Articles of Incorporation of Frozen Food Express Industries, Inc. (filed as Exhibit 3(i) to Registrant Current Report on Form 8-K filed on May 29, 2007 and incorporated herein by reference).

3.2	Amended and Restated Bylaws of Frozen Food Express Industries, Inc., as amended (filed as Exhibit 99.1 to Registrant's Current Report on Form 8-K filed on March 3, 2011 and incorporated herein by reference).

10.1	Third Amendment to Loan and Security Agreement by and among Bank of America, N.A. as agent, the lenders thereto, FFE Transportation Services, Inc., as borrower, and certain of its affiliates, dated as of April 11, 2013 (filed herewith).

31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

101	The following financial statements from Frozen Food Express Industries, Inc. Form 10-Q for the quarter ended March 31, 2013, filed on April 29 2013, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Condensed Balance Sheets, (ii) Consolidated Condensed Statements of Operations, (iii) Consolidated Condensed Statements of Comprehensive Income, (iv) Consolidated Condensed Statements of Cash Flows, (v) Consolidated Condensed Statement of Shareholder's Equity and (vi) Notes to Consolidated Condensed Financial Statements.

EX-10.1 2 exh10_1.htm THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT

EXHIBIT 10.1

THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT

THIS THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "Amendment") is dated as of April 11, 2013 (the "Amendment Date"), among FFE TRANSPORTATION SERVICES, INC., a Delaware corporation ("FFE"), LISA MOTOR LINES, INC., a Delaware corporation ("LML"), CONWELL CORPORATION, a Delaware corporation ("Conwell"), FFE LOGISTICS, INC., a Delaware corporation ("Logistics") (each of FFE, LML, Conwell and Logistics is, individually, a "Borrower" and they are, collectively, "Borrowers"), FROZEN FOOD EXPRESS INDUSTRIES, INC., a Texas corporation ("Parent"), CONWELL LLC, a Delaware limited liability company ("Conwell LLC"), FX HOLDINGS, INC., a Delaware corporation ("FX"), COMPRESSORS PLUS, INC., a Texas corporation ("CPI"), FFE DRIVER ACADEMY, INC., a Texas corporation ("FFE Driver"), the financial institutions party to this Amendment as lenders (collectively, "Lenders"), and BANK OF AMERICA, N.A., a national banking association, as agent for Lenders ("Agent").

R E C I T A L S:

A. Borrowers, Guarantors, Lenders and Agent are parties to that certain Loan and Security Agreement dated as of March 28, 2011, as amended by that certain First Amendment to Loan and Security Agreement dated as of March 29, 2012 and that certain Second Amendment to Loan and Security Agreement dated as of December 19, 2012 (as the same may be further amended, restated, modified, extended or renewed from time to time, the "Loan Agreement").

B. Borrowers, Guarantors, Lenders and Agent desire to amend the Loan Agreement as presently in effect as provided herein.

NOW, THEREFORE, for good and valuable consideration hereby acknowledged, the parties hereto hereby agree as follows:

SECTION 1. DEFINITIONS

Section 1.1 Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement as amended hereby.

SECTION 2. AMENDMENTS TO THE LOAN AGREEMENT

Section 2.1 Amendment to Definition of "Letter of Credit Subline". The definition of the term "Letter of Credit Subline" contained in Section 1.1 of the Loan Agreement as presently in effect is hereby amended and restated to read in its entirety as follows:

Letter of Credit Subline: $10,000,000.

SECTION3. CONDITIONS PRECEDENT

Section 3.1Conditions Precedent. The effectiveness of this Amendment is subject to the satisfaction of each of the following conditions precedents (except if and to the extent that Agent shall have waived such condition precedent in writing):

(a) Agent shall have received this Agreement as duly executed by all parties hereto, which parties shall include all Borrowers, Guarantors, Lenders and Agent.

SECTION 4. MISCELLANEOUS

Section 4.1 Representations and Warranties. Each of Obligors represents and warrants to Agent and Lenders that (a) all representations and warranties relating to such Obligor contained in the Loan Agreement or any other Loan Document are true and correct as of the date hereof as if made again on and as of the date hereof (except to the extent that such representations and warranties were expressly, in the Loan Documents, made only in reference to another specific date, in which case they are true and correct as of such specific date), (b) no Default or Event of Default has occurred and is continuing (after giving effect to this Amendment), (c) such Obligor has all requisite power and authority to execute and deliver this Amendment, (d) the execution and delivery of this Amendment by such Obligor has been duly authorized by all necessary corporate or other organizational action, and does not and will not violate or result in any breach or contravention of any Material Contract to which such Obligor is a party or subject, any Organic Document of such Obligor or any Applicable Law, and (e) the resolutions previously adopted by the board of directors or equivalent governing body of each Obligor and previously certified to Agent in connection with the execution of the Loan Agreement, and all Organic Documents previously delivered to Agent in connection with the execution of the Loan Agreement, are and remain true and complete, and in full force and effect, without amendment thereto.

Section 4.2 Ratifications. Except as expressly modified and superseded by this Amendment, the terms and provisions of the Loan Agreement and other Loan Documents are ratified and confirmed and shall continue in full force and effect. Obligors, Lenders and Agent agree that the Loan Agreement and other Loan Documents shall continue to be legal, valid, binding and enforceable in accordance with their terms except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally and general principles of equity, regardless of whether considered in a proceeding in equity or at law.

Section 4.3 Reference to Loan Agreement, etc. Each of the Loan Documents, including the Loan Agreement and any and all other agreements, documents or instruments now or hereafter executed and/or delivered pursuant to the terms hereof or pursuant to the terms of the Loan Agreement as amended hereby, is hereby amended so that any reference in such Loan Document to the Loan Agreement shall mean a reference to the Loan Agreement as amended hereby. This Amendment shall constitute a Loan Document.

Section 4.4 Effect of Amendment. Each Obligor hereby (a) agrees that this Amendment shall not limit or diminish the obligations of any Borrower or other Obligor under the Loan Agreement or any other Loan Document, and (b) reaffirms its obligations under the Loan Agreement and each of the other Loan Documents.

Section 4.5Severability. If any provision of this Amendment is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby and (b) the parties hereto shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Section 4.6 Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF ANOTHER LAW (BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL BANKS).

Section 4.7 Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of Obligors, Lenders and Agent and their respective successors and permitted assigns, provided that none of Obligors may assign or transfer any of its rights or delegate any of its duties or obligations hereunder without the prior written consent of Agent and Required Lenders.

Section 4.8 Counterparts; Electronic Signatures. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Executed counterparts of a signature page to this Amendment may be delivered by facsimile or electronic messaging system, and if so delivered shall have the same force and effect as manually signed originals for all purposes.

Section 4.9 Headings. The headings, captions and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.

Section 4.10 Entire Agreement. THIS AMENDMENT, THE LOAN AGREEMENT AND ALL OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENTS BETWEEN OR AMONG THE PARTIES HERETO AND THERETO RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF, AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO OR THERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG ANY OF THE PARTIES HERETO OR THERETO.

Section 4.11 Costs and Expenses. Borrowers agree to pay all reasonable out of pocket costs and expenses of Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of counsel to Agent.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

	BORROWERS: FFE TRANSPORTATION SERVICES, INC. By: /s/ John R. McManama Name: John R. McManama Title: Senior Vice President
	LISA MOTOR LINES, INC. By: /s/ John R. McManama Name: John R. McManama Title: Senior Vice President
	CONWELL CORPORATION By: /s/ John R. McManama Name: John R. McManama Title: Senior Vice President
	FFE LOGISTICS, INC. By: /s/ John R. McManama Name: John R. McManama Title: Senior Vice President

	GUARANTORS:
	FROZEN FOOD EXPRESS INDUSTRIES, INC. By: /s/ John R. McManama Name: John R. McManama Title: Senior Vice President
	CONWELL LLC By: /s/ John R. McManama Name: John R. McManama Title: Senior Vice President
	FX HOLDINGS, INC. By: /s/ John R. McManama Name: John R. McManama Title: Senior Vice President
	COMPRESSORS PLUS, INC. By: /s/ John R. McManama Name: John R. McManama Title: Senior Vice President
	FFE DRIVER ACADEMY, INC. By: /s/ John R. McManama Name: John R. McManama Title: Senior Vice President

	AGENT AND LENDERS: BANK OF AMERICA, N.A., as Agent and a Lender By: /s/ Mark Porter Name: Mark Porter Title: Senior Vice President

EX-31.1 3 exh31_1.htm SECTION 302 CEO

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, S. Russell Stubbs, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2013 of Frozen Food Express Industries, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 29, 2013	By:	/s/ S. Russell Stubbs
		S. Russell Stubbs
		President and Chief Executive Officer

EX-31.2 4 exh31_2.htm SECTION 302 CFO

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, John McManama, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2013 of Frozen Food Express Industries, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 29, 2013	By:	/s/ John McManama
		John McManama
		Senior Vice President and Chief Financial Officer

EX-32.1 5 exh32_1.htm SECTION 906 CEO, CFO

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Frozen Food Express Industries, Inc. (the "Company") on Form 10-Q for the period ended March 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best knowledge of the undersigned:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: April 29, 2013	By:	/s/ S. Russell Stubbs
		S. Russell Stubbs
		President and Chief Executive Officer

Date: April 29, 2013	By:	/s/ John McManama
		John McManama
		Senior Vice President and Chief Financial Officer

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<div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">7.    <font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><u>Commitments and Contingencies</u></font></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;"> </div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company is involved in legal actions that arise in the ordinary course of business.  Although the outcomes of any such legal actions cannot be predicted, in the opinion of management, the resolution of any currently pending or threatened actions will not have a material adverse effect upon our financial position or results of operations.  </div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company accrues for costs related to public liability, cargo, employee health insurance and work-related injury claims.  When a loss occurs, we record a reserve for the estimated outcome.  Public liability and cargo claims expenses are recognized under claims and insurance; employee health and work-related injury expenses are recognized under salaries, wages and related expenses.  As additional information becomes available, adjustments are made.  Accrued claims liabilities include all such reserves and our estimate for incidents that have been incurred but not reported.</div></div>

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<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">5.    <font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><u>Loss per common share</u></font></div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">Basic and diluted loss per common share were computed as follows:</div><div style="text-align: left;"><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="vertical-align: bottom;"><div> </div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold; margin-right: 1.8pt;">Three Months Ended March 31,</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; margin-right: 1.8pt;">(in thousands, except per share amounts)</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;"> </div></td><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold; margin-right: 1.8pt;">2013</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold; margin-right: 1.8pt;">2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;">Numerator:</div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 1.8pt;"></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 1.8pt;"></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 2px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;">   Net loss</div></td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(3,255</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(5,649</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;"> </div></td><td valign="bottom" style="text-align: right; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;">Denominator:</div></td><td valign="bottom" style="text-align: right; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;">   Basic-weighted average shares</div></td><td valign="bottom" style="text-align: right; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">17,924</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">17,727</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 2px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;">   Effect of dilutive stock options</div></td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 2px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;">   Diluted-weighted average shares</div></td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">17,924</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">17,727</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;"> </div></td><td valign="bottom" style="text-align: right; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;">Basic loss per common share</div></td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(0.18</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(0.32</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;">Diluted loss per common share</div></td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(0.18</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(0.32</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td></tr></table><div><br /></div><div style="text-align: left;"><font style="font-size: 5.14pt;">                        </font><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">Options totaling 333,000 and 433,000 shares were outstanding but were not included in the calculation of diluted weighted average shares for 2013 and 2012, respectively, as their effect would be anti-dilutive.  As of March 31, 2013 and 2012, the Company has outstanding 478,000 and 433,000 deferred stock units, respectively, which have a contractual participation right to share in current dividends and voting rights.  These deferred stock units are included in basic weighted average shares outstanding.</font></div></div>

-0.016

-0.01

4214000

3951000

1600000

1700000

0.199

180000

31000

1649000

3200000

-62000

18949000

19017000

-10000

235000

266000

1760000

266000

1760000

-3203000

-5591000

<div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">4.   </font> <font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"><u>Income Taxes</u></font></div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"> </div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company's income is taxed in the United States of America and various state jurisdictions.  Our federal returns for 2009 and each subsequent year are presently subject to further examination by the Internal Revenue Service.  State returns are filed in most state jurisdictions, with varying statutes of limitations.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company calculates income taxes in accordance with US GAAP which requires that, for interim periods, we project full-year income and permanent differences between book income and taxable income in order to calculate an effective tax rate for the entire year.  The projected effective tax rate is used to calculate our income tax provision or benefit for the interim periods' year-to-date financial results.  Deferred tax assets and liabilities are measured using the tax rates, based on certain judgments regarding enacted tax laws and published guidance, in effect in the years when those temporary differences are expected to reverse. A valuation allowance is established against the deferred tax assets when it is more likely than not that some portion or all of the deferred taxes may not be realized.  The calculation of the deferred tax assets and liabilities, as well as the decision to recognize a tax benefit from an uncertain position and to establish a valuation allowance require management to make estimates and assumptions. We believe that our assumptions and estimates are reasonable, although actual results may have a positive or negative material impact on the balances of deferred tax assets and liabilities, valuation allowances or net income (loss).  Only the assumptions and estimates for the calendar year 2013 are used to determine the reasonableness of the Company's deferred tax assets and liabilities as of the period ended March 31, 2013.  Due to the operating results in the first quarter of 2013, an adjustment to our valuation allowance was determined to be necessary.  Therefore, for the three months ended March 31, 2013, the Company increased its valuation allowance by $1.0 million, bringing the total valuation allowance relating to federal and state deferred tax assets to $18.1 million.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">For the three months ended March 31, 2013, our effective tax rate was (1.6)% compared to (1.0)% for the same period in 2012.  Due to the valuation allowance, any federal tax expense or benefit generated in 2013 will have no net effect on the income tax provision.  The tax expense recorded for the three months ended March 31, 2013 relates solely to state tax expense.</div><div><br /></div><div><br /></div></div>

-10000

235000

-10000

52000

58000

-1528000

-3188000

-1427000

-9778000

712000

-3220000

-25000

83000

249000

-91000

1092000

878000

-1265000

-1410000

626000

371000

192000

203000

832000

6600000

29007000

29225000

12200000

10212000

44481000

47358000

91690000

95368000

116866000

123639000

8397000

10033000

50000000

0.03

0.05

2015-03-29

9700000

25839000

26215000

42100000

45036000

46146000

3102000

3040000

16095000

16891000

<div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">3.    <font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><u>Long-term Debt</u></font></div><div><br /></div><div><br /></div><div style="text-align: left; text-indent: 27pt; font-family: 'Times New Roman', serif; font-size: 10pt;">     Long-term debt consisted of the following:</div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"> </div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;"> </div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; margin-right: 7.6pt;">(in thousands)</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="border-bottom: #000000 2px solid; padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;"> </div></td><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">March 31, 2013</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">December 31, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; text-indent: -18pt; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 1.55pt;">Borrowings under credit facility</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">25,839</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">26,215</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; text-indent: -18pt; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 1.55pt;">Notes payable</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">16,801</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">17,441</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 2px; width: 76%; vertical-align: bottom;"><div style="text-align: left; text-indent: -18pt; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 1.55pt;">Capitalized lease obligations</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2,396</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2,490</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 1.55pt;">Total long-term debt</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">45,036</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">46,146</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 2px; width: 76%; vertical-align: bottom;"><div style="text-align: left; text-indent: -18pt; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 1.55pt;">Less: Current maturities</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(3,102</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(3,040</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 1.55pt;">Total maturities due after one year</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">41,934</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">43,106</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">As of March 31, 2013, the Company had a secured committed credit facility with an aggregate availability of $50 million that matures in March 2015.  At March 31, 2013, the borrowing base availability under the credit facility was $42.1 million, $25.8 million was borrowed and $6.6 million of standby letters of credit were issued, which are used primarily for our self-insurance programs and legal matters.  These reduced the availability under our credit facility to $9.7 million.  As of March 31, 2013, loans outstanding under the credit facility were categorized as either LIBOR loans, which had an interest rate of 3.0%, or bank base rate loans which had an interest rate of 5.0%.</div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;"> </div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">The obligations under the credit facility are guaranteed by Frozen Food Express Industries, Inc. and certain named subsidiaries and secured by a pledge of substantially all of our assets.  The obligations bear interest as follows: (i) for Base Rate Loans (as defined in the credit facility), at the Base Rate, which for any day is a per annum rate equal to the greater of (a) the Prime Rate for such day; (b) the Federal Funds Rate for such day plus 0.50%; or (c) LIBOR for a 30 day interest period as determined on such day plus 1.0%, plus in each case the Applicable Margin; (ii) for LIBOR Loans (as defined in the credit facility), at LIBOR for the applicable interest period plus the Applicable Margin; or (iii) for any other obligation under the credit facility (including, to the extent permitted by law, interest not paid when due), at the Base Rate in effect from time to time, plus the Applicable Margin for Base Rate Revolver Loans (as defined in the credit facility).  Interest shall accrue from the date the loan is advanced or the obligation is incurred or payable, until paid by the borrowers.  If a loan is repaid on the same day made, one day's interest shall accrue.  We are obligated to comply with certain covenants under the credit facility.  The Company was in compliance with all debt covenants as of March 31, 2013.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">In the normal course of business, the Company has entered into various master security agreements and a capital lease agreement to finance the purchase of revenue equipment at more favorable rates than through off-balance sheet operating leases. The master security agreements provide for funding structured as promissory notes.  The effective interest rates on the promissory notes range from 4.4% to 7.9%.  The capital lease obligation for approximately $3.0 million of revenue equipment is structured as a 60 month rental agreement with a fixed price purchase option.  The effective interest rate on the lease is approximately 6.8%.  The capital lease agreement requires us to pay personal property taxes, maintenance, and operating expenses.</div></div>

25839000

26215000

41934000

43106000

3573000

5852000

-1114000

3853000

-3255000

-5649000

-3255000

-4360000

-9275000

827000

-378000

-4030000

-5213000

3412000

1905000

<div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">1.    <font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><u>Basis of Presentation</u></font></div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"> </div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">The accompanying unaudited consolidated condensed financial statements include Frozen Food Express Industries, Inc., a Texas corporation, and our subsidiary companies, all of which are wholly-owned (collectively, the "Company").  Our statements have been prepared by management in accordance with generally accepted accounting principles in the United States of America ("US GAAP") for interim financial statements, and therefore do not include all information and disclosures required by US GAAP for complete financial statements.  In the opinion of management, such statements reflect all adjustments consisting of normal recurring adjustments considered necessary to fairly present our consolidated financial position, results of operations, comprehensive income, shareholders' equity and cash flows for the interim periods presented. The results of operations for any interim period do not necessarily indicate the results for the full year.  The unaudited interim consolidated condensed financial statements should be read with reference to the consolidated financial statements and notes to consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2012.  All intercompany balances and transactions have been eliminated in consolidation.</div></div>

2000

6441000

7840000

4241000

6096000

2000

1111000

1233000

-186000

-242000

8674000

8176000

16801000

17441000

4000

3000

1138000

297000

20020000

25281000

180000

31000

-734000

-466000

31000

1347000

6118000

3184000

52589000

54680000

-95000

-192000

<div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">6.   </font> <font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"><u>Related Party Transactions</u></font></div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"> </div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">On February 27, 2013, the Company sold its 19.9% equity interest in W&B Service Company, L.P. ("W&B") for $3.2 million.  The Company's book value of this equity method investment at the date of sale was $1.6 million, resulting in a gain of $1.6 million during the first quarter of 2013.  The equity investment at December 31, 2012, which was included in "Other Assets" in the Company's consolidated condensed balance sheets, was $1.7 million.  Any transactions the Company has with W&B subsequent to the sale of our investment are not considered related party transactions.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">During the period from January 1, 2013 through February 27, 2013, our equity in the earnings of W&B was a loss of $10,000, after final adjustments.  During the three months ended March 31, 2012, our equity in the earnings of W&B was $235,000.  Cash distributions to us from W&B's earnings during these same periods of 2013 and 2012 were $180,000 and $31,000, respectively.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">During the period from January 1, 2013 through February 27, 2013, the Company made no purchases from W&B for trailers or refrigeration units.  During the three months ended March 31, 2012, we did not make any such purchases from W&B.  The Company also utilizes W&B to provide routine maintenance and warranty repair of trailers and refrigeration units.  During the period from January 1, 2013 through February 27, 2013, W&B invoiced the Company $129,000 for maintenance and repair services, accessories and parts.  During the three months ended March 31, 2012, W&B invoiced us $540,000 for these services and related items.</div></div>

129000

540000

20396000

20928000

3261000

6516000

<div><div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">Revenue and associated direct operating expenses are recognized on the date freight is picked up from the shipper.  One of the preferable methods outlined in US GAAP provides for the recognition of revenue and direct costs when the shipment is completed.  Changing to this method would not have a material impact on the interim financial statements.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company is the sole obligor with respect to the performance of our freight services provided by owner operators or through our brokerage and logistics services business and we assume all related credit risk. Accordingly, our revenue and the related direct expenses are recognized on a gross basis on the date the freight is picked up from the shipper.  Revenue from equipment rental is recognized ratably over the term of the associated rental agreements.</div></div></div>

97831000

87935000

<div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">Basic and diluted loss per common share were computed as follows:</div><div style="text-align: left;"><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="vertical-align: bottom;"><div> </div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold; margin-right: 1.8pt;">Three Months Ended March 31,</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; margin-right: 1.8pt;">(in thousands, except per share amounts)</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;"> </div></td><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold; margin-right: 1.8pt;">2013</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold; margin-right: 1.8pt;">2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;">Numerator:</div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 1.8pt;"></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 1.8pt;"></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 2px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;">   Net loss</div></td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(3,255</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(5,649</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;"> </div></td><td valign="bottom" style="text-align: right; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;">Denominator:</div></td><td valign="bottom" style="text-align: right; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;">   Basic-weighted average shares</div></td><td valign="bottom" style="text-align: right; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">17,924</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">17,727</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 2px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;">   Effect of dilutive stock options</div></td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 2px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;">   Diluted-weighted average shares</div></td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">17,924</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">17,727</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;"> </div></td><td valign="bottom" style="text-align: right; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;">Basic loss per common share</div></td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(0.18</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(0.32</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;">Diluted loss per common share</div></td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(0.18</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(0.32</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td></tr></table><div><br /></div></div>

<div><div><div style="text-align: left; text-indent: 27pt; font-family: 'Times New Roman', serif; font-size: 10pt;">     Long-term debt consisted of the following:</div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"> </div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;"> </div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; margin-right: 7.6pt;">(in thousands)</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="border-bottom: #000000 2px solid; padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.8pt;"> </div></td><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">March 31, 2013</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">December 31, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; text-indent: -18pt; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 1.55pt;">Borrowings under credit facility</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">25,839</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">26,215</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; text-indent: -18pt; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 1.55pt;">Notes payable</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">16,801</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">17,441</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 2px; width: 76%; vertical-align: bottom;"><div style="text-align: left; text-indent: -18pt; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 1.55pt;">Capitalized lease obligations</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2,396</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2,490</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 1.55pt;">Total long-term debt</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">45,036</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">46,146</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 2px; width: 76%; vertical-align: bottom;"><div style="text-align: left; text-indent: -18pt; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 1.55pt;">Less: Current maturities</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(3,102</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(3,040</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 1.55pt;">Total maturities due after one year</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">41,934</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">43,106</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table><div><br /></div></div></div>

5275000

4904000

478000

433000

18572000

1026000

18572000

962000

19646000

15833000

-1000

1000

2000

7000

10000

-303000

457000

154000

-66000

31905000

35460000

25176000

28271000

27858000

1165000

6516000

-79000

-7189000

27858000

863000

3261000

-77000

-6729000

6729000

7189000

3000

962000

1026000

4000

1000000

18100000

17924000

17727000

17924000

17727000

17924000

17727000

P60M P1D 0.01 P30D 0.005 7500000 10000000 <div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">2.    <font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><u>Revenue Recognition</u></font></div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"> </div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">Revenue and associated direct operating expenses are recognized on the date freight is picked up from the shipper.  One of the preferable methods outlined in US GAAP provides for the recognition of revenue and direct costs when the shipment is completed.  Changing to this method would not have a material impact on the interim financial statements.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company is the sole obligor with respect to the performance of our freight services provided by owner operators or through our brokerage and logistics services business and we assume all related credit risk. Accordingly, our revenue and the related direct expenses are recognized on a gross basis on the date the freight is picked up from the shipper.  Revenue from equipment rental is recognized ratably over the term of the associated rental agreements.</div></div> XML 13 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 14 R9.htm IDEA: XBRL DOCUMENT

Revenue Recognition	3 Months Ended
Revenue Recognition	Mar. 31, 2013
Revenue Recognition [Abstract]
Revenue Recognition	2. Revenue Recognition Revenue and associated direct operating expenses are recognized on the date freight is picked up from the shipper. One of the preferable methods outlined in US GAAP provides for the recognition of revenue and direct costs when the shipment is completed. Changing to this method would not have a material impact on the interim financial statements. The Company is the sole obligor with respect to the performance of our freight services provided by owner operators or through our brokerage and logistics services business and we assume all related credit risk. Accordingly, our revenue and the related direct expenses are recognized on a gross basis on the date the freight is picked up from the shipper. Revenue from equipment rental is recognized ratably over the term of the associated rental agreements.

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Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2013
Basis of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited consolidated condensed financial statements include Frozen Food Express Industries, Inc., a Texas corporation, and our subsidiary companies, all of which are wholly-owned (collectively, the "Company"). Our statements have been prepared by management in accordance with generally accepted accounting principles in the United States of America ("US GAAP") for interim financial statements, and therefore do not include all information and disclosures required by US GAAP for complete financial statements. In the opinion of management, such statements reflect all adjustments consisting of normal recurring adjustments considered necessary to fairly present our consolidated financial position, results of operations, comprehensive income, shareholders' equity and cash flows for the interim periods presented. The results of operations for any interim period do not necessarily indicate the results for the full year. The unaudited interim consolidated condensed financial statements should be read with reference to the consolidated financial statements and notes to consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2012. All intercompany balances and transactions have been eliminated in consolidation.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section 50

-Paragraph 1

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 852

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-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

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-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

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-Section 45

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Consolidated Condensed Balance Sheets (unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Current assets
Cash and cash equivalents	$ 1,006	$ 2,907
Accounts receivable, net of allowance for doubtful accounts of $1,171 and $1,565, respectively	40,876	40,069
Tires on equipment in use, net	8,674	8,176
Equipment held for sale	0	832
Other current assets	6,441	7,840
Total current assets	56,997	59,824
Property and equipment, net	52,589	54,680
Deferred income taxes	3,039	3,039
Other assets	4,241	6,096
Total assets	116,866	123,639
Current liabilities
Accounts payable	24,778	26,178
Insurance and claims accruals	8,397	10,033
Accrued payroll and deferred compensation	4,214	3,951
Accrued liabilities	1,263	1,429
Current maturities of notes payable and capital lease obligations	3,102	3,040
Deferred income taxes	2,727	2,727
Total current liabilities	44,481	47,358
Borrowings under credit facility	25,839	26,215
Long-term notes payable and capital lease obligations	16,095	16,891
Insurance and claims accruals	5,275	4,904
Total liabilities	91,690	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	863	1,165
Accumulated other comprehensive loss	(77)	(79)
Retained earnings	3,261	6,516
Total common shareholders' equity	31,905	35,460
Treasury stock (962 and 1,026 shares), at cost	(6,729)	(7,189)
Total shareholders' equity	25,176	28,271
Total liabilities and shareholders' equity	$ 116,866	$ 123,639

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Consolidated Condensed Statements of Cash Flows (unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Cash flows from operating activities
Net loss	$ (3,255)	$ (5,649)
Non-cash items included in net loss
Gain on sale of property and equipment	(266)	(1,760)
Depreciation and amortization	3,575	4,256
Provision for losses on accounts receivable	(95)	(192)
Deferred compensation	14	137
Equity in loss (earnings) of limited partnership	10	(235)
Gain on sale of investment in limited partnership	(1,649)	0
Change in operating assets and liabilities
Accounts receivable	(712)	3,220
Tires on equipment in use	(1,092)	(878)
Other current assets	1,528	3,188
Other assets	25	(83)
Accounts payable	(1,427)	(9,778)
Insurance and claims accruals	(1,265)	(1,410)
Accrued liabilities, payroll and other	249	(91)
Net cash used in operating activities	(4,360)	(9,275)
Cash flows from investing activities
Expenditures for property and equipment	(1,138)	(297)
Proceeds from sale of property and equipment	1,347	6,118
Cash distributions from investments	180	31
Proceeds from sale of investment in limited partnership	3,184	0
Net cash provided by investing activities	3,573	5,852
Cash flows from financing activities
Proceeds from borrowings under credit facility	20,020	25,281
Payments against borrowings under credit facility	(20,396)	(20,928)
Proceeds from notes payable and capital lease obligations	0	31
Repayments of notes payable and capital lease obligations	(734)	(466)
Income tax expense of stock-based awards	0	(62)
Purchases of treasury stock	(4)	(3)
Net cash (used in) provided by financing activities	(1,114)	3,853
Net (decrease) increase in cash and cash equivalents	(1,901)	430
Cash and cash equivalents at beginning of period	2,907	1,048
Cash and cash equivalents at end of period	1,006	1,478
Supplemental disclosure of cash flow information:
Interest paid	$ 192	$ 203

XML 19 R22.htm IDEA: XBRL DOCUMENT

Loss per common share (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Numerator:
Net loss	$ (3,255)	$ (5,649)
Denominator:
Basic-weighted average shares (in shares)	17,924,000	17,727,000
Effect of dilutive stock options (in shares)	0	0
Diluted-weighted average shares (in shares)	17,924,000	17,727,000
Basic loss per common share (in dollars per share)	$ (0.18)	$ (0.32)
Diluted loss per common share (in dollars per share)	$ (0.18)	$ (0.32)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total options outstanding (in shares)	333,000	433,000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred stock units granted	478,000	433,000

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Subsequent Events (Details) (USD $) In Millions, unless otherwise specified	24 Months Ended
	Mar. 29, 2015	Apr. 10, 2013
Subsequent Events [Abstract]
Maximum Letters of Credit Available	$ 10.0	$ 7.5

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Consolidated Condensed Statement of Shareholders' Equity (unaudited) (USD $)
In Thousands, unless otherwise specified

Common Stock [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

Accumulated Other Comprehensive Loss [Member]

Treasury Stock [Member]

Total

Balance at Dec. 31, 2012 $ 27,858 $ 1,165 $ 6,516 $ (79) $ (7,189) $ 28,271

Balance (in shares) at Dec. 31, 2012 18,572 1,026

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss 0 0 (3,255) 0 0 (3,255)

Treasury stock reacquired 0 0 0 0 (4) (4)

Treasury stock reacquired (in shares) 3

Retirement plans 0 1 0 2 7 10

Retirement plans (in shares) (1)

Restricted stock 0 (303) 0 0 457 154

Restricted stock (in shares) (66)

Balance at Mar. 31, 2013 $ 27,858 $ 863 $ 3,261 $ (77) $ (6,729) $ 25,176

Balance (in shares) at Mar. 31, 2013 18,572 962

XML 24 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6

Consolidated Condensed Balance Sheets (unaudited) (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified

Mar. 31, 2013

Dec. 31, 2012

Shareholders' equity

Allowance for doubtful accounts (in dollars, thousands) $ 1,171 $ 1,565

Common Stock, par value (in dollars per share) $ 1.50 $ 1.50

Common Stock, shares authorized (in shares) 75,000 75,000

Common Stock, shares issued (in shares) 18,572 18,572

Treasury Stock, shares (in shares) 962 1,026

X

- Definition

A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5074-111524

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 4

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.4)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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Revenue Recognition (Policies)
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The Company is the sole obligor with respect to the performance of our freight services provided by owner operators or through our brokerage and logistics services business and we assume all related credit risk. Accordingly, our revenue and the related direct expenses are recognized on a gross basis on the date the freight is picked up from the shipper.  Revenue from equipment rental is recognized ratably over the term of the associated rental agreements.

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Document and Entity Information (USD $)
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Apr. 22, 2013

Jun. 30, 2012

Document and Entity Information [Abstract]

Entity Registrant Name FROZEN FOOD EXPRESS INDUSTRIES INC

Entity Central Index Key 0000039273

Current Fiscal Year End Date --12-31

Entity Well-known Seasoned Issuer No

Entity Voluntary Filers No

Entity Current Reporting Status Yes

Entity Filer Category Non-accelerated Filer

Entity Public Float $ 17,147,053

Entity Common Stock, Shares Outstanding 18,090,336

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Long-term Debt (Tables)
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Schedule of long-term debt
     Long-term debt consisted of the following:

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March 31, 2013

December 31, 2012

Borrowings under credit facility

$
25,839

$
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16,801

17,441

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2,396

2,490

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46,146

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Consolidated Condensed Statements of Operations (unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Consolidated Condensed Statements of Operations (unaudited) [Abstract]

Total operating revenue $ 97,831 $ 87,935

Operating expenses

Salaries, wages and related expenses 29,007 29,225

Purchased transportation 19,646 15,833

Fuel 18,949 19,017

Supplies and maintenance 12,953 12,404

Revenue equipment rent 12,200 10,212

Depreciation 2,882 3,059

Communications and utilities 1,007 933

Claims and insurance 3,412 1,905

Operating taxes and licenses 960 1,087

Gain on sale of property and equipment (266) (1,760)

Miscellaneous 1,111 1,233

Total operating expenses 101,861 93,148

Loss from operations (4,030) (5,213)

Interest and other (income) expense

Interest expense 626 371

Equity in loss (earnings) of limited partnership 10 (235)

Gain on sale of investment in limited partnership (1,649) 0

Other 186 242

Total interest and other (income) expense (827) 378

Loss before income taxes (3,203) (5,591)

Income tax expense 52 58

Net loss $ (3,255) $ (5,649)

Net loss per share of common stock

Basic (in dollars per share) $ (0.18) $ (0.32)

Diluted (in dollars per share) $ (0.18) $ (0.32)

Weighted average shares outstanding

Basic (in shares) 17,924 17,727

Diluted (in shares) 17,924 17,727

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Loss per common share
3 Months Ended

Mar. 31, 2013

Loss per common share [Abstract]

Loss per common share
5. Loss per common share

Basic and diluted loss per common share were computed as follows:

Three Months Ended March 31,

(in thousands, except per share amounts)

2013

2012

Numerator:

   Net loss

$
(3,255
)

$
(5,649
)

Denominator:

   Basic-weighted average shares

17,924

17,727

   Effect of dilutive stock options

-

-

   Diluted-weighted average shares

17,924

17,727

Basic loss per common share

$
(0.18
)

$
(0.32
)
Diluted loss per common share

$
(0.18
)

$
(0.32
)

                        Options totaling 333,000 and 433,000 shares were outstanding but were not included in the calculation of diluted weighted average shares for 2013 and 2012, respectively, as their effect would be anti-dilutive. As of March 31, 2013 and 2012, the Company has outstanding 478,000 and 433,000 deferred stock units, respectively, which have a contractual participation right to share in current dividends and voting rights. These deferred stock units are included in basic weighted average shares outstanding.

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Income Taxes
3 Months Ended

Mar. 31, 2013

Income Taxes [Abstract]

Income Taxes
4.    Income Taxes

The Company's income is taxed in the United States of America and various state jurisdictions. Our federal returns for 2009 and each subsequent year are presently subject to further examination by the Internal Revenue Service. State returns are filed in most state jurisdictions, with varying statutes of limitations.

The Company calculates income taxes in accordance with US GAAP which requires that, for interim periods, we project full-year income and permanent differences between book income and taxable income in order to calculate an effective tax rate for the entire year.  The projected effective tax rate is used to calculate our income tax provision or benefit for the interim periods' year-to-date financial results.  Deferred tax assets and liabilities are measured using the tax rates, based on certain judgments regarding enacted tax laws and published guidance, in effect in the years when those temporary differences are expected to reverse. A valuation allowance is established against the deferred tax assets when it is more likely than not that some portion or all of the deferred taxes may not be realized.  The calculation of the deferred tax assets and liabilities, as well as the decision to recognize a tax benefit from an uncertain position and to establish a valuation allowance require management to make estimates and assumptions. We believe that our assumptions and estimates are reasonable, although actual results may have a positive or negative material impact on the balances of deferred tax assets and liabilities, valuation allowances or net income (loss).  Only the assumptions and estimates for the calendar year 2013 are used to determine the reasonableness of the Company's deferred tax assets and liabilities as of the period ended March 31, 2013.  Due to the operating results in the first quarter of 2013, an adjustment to our valuation allowance was determined to be necessary.  Therefore, for the three months ended March 31, 2013, the Company increased its valuation allowance by $1.0 million, bringing the total valuation allowance relating to federal and state deferred tax assets to $18.1 million.

For the three months ended March 31, 2013, our effective tax rate was (1.6)% compared to (1.0)% for the same period in 2012. Due to the valuation allowance, any federal tax expense or benefit generated in 2013 will have no net effect on the income tax provision. The tax expense recorded for the three months ended March 31, 2013 relates solely to state tax expense.

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-Number 109

-Paragraph 136, 172

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Related Party Transactions (Details) (USD $)
2 Months Ended 3 Months Ended

Feb. 27, 2013

Mar. 31, 2013

Mar. 31, 2012

Dec. 31, 2012

Related Party Transaction [Line Items]

Percentage of equity interest (in hundredths) 19.90%

Sale of equity interest in a company $ 3,200,000

Book value of investment at the date of sale 1,600,000 1,700,000

Gain on sale of investment in limited partnership (1,649,000) 0

Amount of equity investment 1,600,000 1,700,000

Equity in earnings (10,000) (10,000) 235,000

Cash distribution from earnings of related party 180,000 31,000

Maintenance and repair services, accessories and parts invoiced from related party $ 129,000 $ 540,000

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Loss per common share (Tables)
3 Months Ended

Mar. 31, 2013

Loss per common share [Abstract]

Basic and diluted loss per common share
Basic and diluted loss per common share were computed as follows:

Three Months Ended March 31,

(in thousands, except per share amounts)

2013

2012

Numerator:

   Net loss

$
(3,255
)

$
(5,649
)

Denominator:

   Basic-weighted average shares

17,924

17,727

   Effect of dilutive stock options

-

-

   Diluted-weighted average shares

17,924

17,727

Basic loss per common share

$
(0.18
)

$
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)
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$
(0.18
)

$
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Recent Accounting Pronouncements
3 Months Ended

Mar. 31, 2013

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements
8.    Recent Accounting Pronouncements

We have reviewed recently issued accounting pronouncements and determined that they do not have a material impact on our consolidated financial statements.

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Related Party Transactions
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Mar. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions
6.    Related Party Transactions

On February 27, 2013, the Company sold its 19.9% equity interest in W&B Service Company, L.P. ("W&B") for $3.2 million. The Company's book value of this equity method investment at the date of sale was $1.6 million, resulting in a gain of $1.6 million during the first quarter of 2013. The equity investment at December 31, 2012, which was included in "Other Assets" in the Company's consolidated condensed balance sheets, was $1.7 million. Any transactions the Company has with W&B subsequent to the sale of our investment are not considered related party transactions.

During the period from January 1, 2013 through February 27, 2013, our equity in the earnings of W&B was a loss of $10,000, after final adjustments. During the three months ended March 31, 2012, our equity in the earnings of W&B was $235,000. Cash distributions to us from W&B's earnings during these same periods of 2013 and 2012 were $180,000 and $31,000, respectively.

During the period from January 1, 2013 through February 27, 2013, the Company made no purchases from W&B for trailers or refrigeration units. During the three months ended March 31, 2012, we did not make any such purchases from W&B. The Company also utilizes W&B to provide routine maintenance and warranty repair of trailers and refrigeration units. During the period from January 1, 2013 through February 27, 2013, W&B invoiced the Company $129,000 for maintenance and repair services, accessories and parts. During the three months ended March 31, 2012, W&B invoiced us $540,000 for these services and related items.

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Commitments and Contingencies
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Commitments and Contingencies [Abstract]

Commitments and Contingencies
7.    Commitments and Contingencies

The Company is involved in legal actions that arise in the ordinary course of business. Although the outcomes of any such legal actions cannot be predicted, in the opinion of management, the resolution of any currently pending or threatened actions will not have a material adverse effect upon our financial position or results of operations.

The Company accrues for costs related to public liability, cargo, employee health insurance and work-related injury claims. When a loss occurs, we record a reserve for the estimated outcome. Public liability and cargo claims expenses are recognized under claims and insurance; employee health and work-related injury expenses are recognized under salaries, wages and related expenses. As additional information becomes available, adjustments are made. Accrued claims liabilities include all such reserves and our estimate for incidents that have been incurred but not reported.

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Subsequent Events
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Subsequent Events [Abstract]

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On April 11, 2013, the Company amended its secured credit facility to increase the maximum amount available for issuing letters of credit from $7.5 million to $10.0 million.

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Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Valuation allowance [Abstract]

Increase in valuation allowance $ 1.0

Total valuation allowance relating to federal and state deferred tax asset $ 18.1

Effective tax rate (in hundredths) (1.60%) (1.00%)

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In Thousands, unless otherwise specified
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Mar. 31, 2012

Consolidated Condensed Statements of Comprehensive Income (unaudited) [Abstract]

Net loss $ (3,255) $ (5,649)

Other comprehensive income:

Change in postretirement benefits transition obligation 2 0

Total other comprehensive income 2 0

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Long-term Debt
3 Months Ended

Mar. 31, 2013

Long-term debt [Abstract]

Long-term debt
3. Long-term Debt

     Long-term debt consisted of the following:

(in thousands)

March 31, 2013

December 31, 2012

Borrowings under credit facility

$
25,839

$
26,215

Notes payable

16,801

17,441

Capitalized lease obligations

2,396

2,490

Total long-term debt

45,036

46,146

Less: Current maturities

(3,102
)

(3,040
)
Total maturities due after one year

$
41,934

$
43,106

As of March 31, 2013, the Company had a secured committed credit facility with an aggregate availability of $50 million that matures in March 2015. At March 31, 2013, the borrowing base availability under the credit facility was $42.1 million, $25.8 million was borrowed and $6.6 million of standby letters of credit were issued, which are used primarily for our self-insurance programs and legal matters. These reduced the availability under our credit facility to $9.7 million. As of March 31, 2013, loans outstanding under the credit facility were categorized as either LIBOR loans, which had an interest rate of 3.0%, or bank base rate loans which had an interest rate of 5.0%.

The obligations under the credit facility are guaranteed by Frozen Food Express Industries, Inc. and certain named subsidiaries and secured by a pledge of substantially all of our assets. The obligations bear interest as follows: (i) for Base Rate Loans (as defined in the credit facility), at the Base Rate, which for any day is a per annum rate equal to the greater of (a) the Prime Rate for such day; (b) the Federal Funds Rate for such day plus 0.50%; or (c) LIBOR for a 30 day interest period as determined on such day plus 1.0%, plus in each case the Applicable Margin; (ii) for LIBOR Loans (as defined in the credit facility), at LIBOR for the applicable interest period plus the Applicable Margin; or (iii) for any other obligation under the credit facility (including, to the extent permitted by law, interest not paid when due), at the Base Rate in effect from time to time, plus the Applicable Margin for Base Rate Revolver Loans (as defined in the credit facility). Interest shall accrue from the date the loan is advanced or the obligation is incurred or payable, until paid by the borrowers. If a loan is repaid on the same day made, one day's interest shall accrue. We are obligated to comply with certain covenants under the credit facility. The Company was in compliance with all debt covenants as of March 31, 2013.

In the normal course of business, the Company has entered into various master security agreements and a capital lease agreement to finance the purchase of revenue equipment at more favorable rates than through off-balance sheet operating leases. The master security agreements provide for funding structured as promissory notes. The effective interest rates on the promissory notes range from 4.4% to 7.9%. The capital lease obligation for approximately $3.0 million of revenue equipment is structured as a 60 month rental agreement with a fixed price purchase option. The effective interest rate on the lease is approximately 6.8%. The capital lease agreement requires us to pay personal property taxes, maintenance, and operating expenses.

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Long-term Debt (Details) (USD $)
3 Months Ended

Mar. 31, 2013

Dec. 31, 2012

Long-term debt [Abstract]

Borrowings under credit facility $ 25,839,000 $ 26,215,000

Notes payable 16,801,000 17,441,000

Capitalized lease obligations 2,396,000 2,490,000

Total long-term debt 45,036,000 46,146,000

Less: Current maturities (3,102,000) (3,040,000)

Total maturities due after one year 41,934,000 43,106,000

Aggregate availability of credit facility 50,000,000

Maturity date of credit facility Mar. 29, 2015

Borrowing base availability under the credit facility 42,100,000

Standby letters of credit issued 6,600,000

Remaining borrowing availability under credit facility 9,700,000

Line of Credit Facility [Line Items]

Basis spread on Federal Funds Rate (in hundredths) 0.50%

Term of interest period for LIBOR 30 days

Basis spread on LIBOR (in hundredths) 1.00%

Number of days interest will accrue 1 day

Effective percentage rate on promissory note, range, minimum (in hundredths) 4.40%

Effective percentage rate on promissory note, range , maximum (in hundredths) 7.90%

Revenue generating equipment under capital lease $ 3,000,000

Term of rental agreement under capital lease obligation 60 months

Effective interest rate on the capital lease (in hundredths) 6.80%

LIBOR Loan [Member]

Line of Credit Facility [Line Items]

Interest rate of loans outstanding under credit facility (in hundredths) 3.00%

Bank Base Rate Loan [Member]

Line of Credit Facility [Line Items]

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X

- Definition

Including the current and noncurrent portions, the carrying value of notes payable which were initially due after one year or beyond the normal operating cycle, if longer, and which are not otherwise defined in the taxonomy.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.16)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.16(a))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 20, 22

-Article 5

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Balance Type: credit

Period Type: instant

Consolidated Condensed Statement of Shareholders' Equity (unaudited) (USD $) In Thousands, unless otherwise specified	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2012	$ 27,858	$ 1,165	$ 6,516	$ (79)	$ (7,189)	$ 28,271
Balance (in shares) at Dec. 31, 2012	18,572				1,026
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	0	0	(3,255)	0	0	(3,255)
Treasury stock reacquired	0	0	0	0	(4)	(4)
Treasury stock reacquired (in shares)					3
Retirement plans	0	1	0	2	7	10
Retirement plans (in shares)					(1)
Restricted stock	0	(303)	0	0	457	154
Restricted stock (in shares)					(66)
Balance at Mar. 31, 2013	$ 27,858	$ 863	$ 3,261	$ (77)	$ (6,729)	$ 25,176
Balance (in shares) at Mar. 31, 2013	18,572				962

Consolidated Condensed Balance Sheets (unaudited) (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Shareholders' equity
Allowance for doubtful accounts (in dollars, thousands)	$ 1,171	$ 1,565
Common Stock, par value (in dollars per share)	$ 1.50	$ 1.50
Common Stock, shares authorized (in shares)	75,000	75,000
Common Stock, shares issued (in shares)	18,572	18,572
Treasury Stock, shares (in shares)	962	1,026

Revenue Recognition (Policies)	3 Months Ended
Revenue Recognition (Policies)	Mar. 31, 2013
Revenue Recognition [Abstract]
Revenue Recognition	Revenue and associated direct operating expenses are recognized on the date freight is picked up from the shipper. One of the preferable methods outlined in US GAAP provides for the recognition of revenue and direct costs when the shipment is completed. Changing to this method would not have a material impact on the interim financial statements. The Company is the sole obligor with respect to the performance of our freight services provided by owner operators or through our brokerage and logistics services business and we assume all related credit risk. Accordingly, our revenue and the related direct expenses are recognized on a gross basis on the date the freight is picked up from the shipper. Revenue from equipment rental is recognized ratably over the term of the associated rental agreements.

Document and Entity Information (USD $)	3 Months Ended
Document and Entity Information (USD $)	Mar. 31, 2013	Apr. 22, 2013	Jun. 30, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	FROZEN FOOD EXPRESS INDUSTRIES INC
Entity Central Index Key	0000039273
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 17,147,053
Entity Common Stock, Shares Outstanding		18,090,336
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2013

Consolidated Condensed Statements of Operations (unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Consolidated Condensed Statements of Operations (unaudited) [Abstract]
Total operating revenue	$ 97,831	$ 87,935
Operating expenses
Salaries, wages and related expenses	29,007	29,225
Purchased transportation	19,646	15,833
Fuel	18,949	19,017
Supplies and maintenance	12,953	12,404
Revenue equipment rent	12,200	10,212
Depreciation	2,882	3,059
Communications and utilities	1,007	933
Claims and insurance	3,412	1,905
Operating taxes and licenses	960	1,087
Gain on sale of property and equipment	(266)	(1,760)
Miscellaneous	1,111	1,233
Total operating expenses	101,861	93,148
Loss from operations	(4,030)	(5,213)
Interest and other (income) expense
Interest expense	626	371
Equity in loss (earnings) of limited partnership	10	(235)
Gain on sale of investment in limited partnership	(1,649)	0
Other	186	242
Total interest and other (income) expense	(827)	378
Loss before income taxes	(3,203)	(5,591)
Income tax expense	52	58
Net loss	$ (3,255)	$ (5,649)
Net loss per share of common stock
Basic (in dollars per share)	$ (0.18)	$ (0.32)
Diluted (in dollars per share)	$ (0.18)	$ (0.32)
Weighted average shares outstanding
Basic (in shares)	17,924	17,727
Diluted (in shares)	17,924	17,727

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2013
Income Taxes [Abstract]
Income Taxes	4. Income Taxes The Company's income is taxed in the United States of America and various state jurisdictions. Our federal returns for 2009 and each subsequent year are presently subject to further examination by the Internal Revenue Service. State returns are filed in most state jurisdictions, with varying statutes of limitations. The Company calculates income taxes in accordance with US GAAP which requires that, for interim periods, we project full-year income and permanent differences between book income and taxable income in order to calculate an effective tax rate for the entire year. The projected effective tax rate is used to calculate our income tax provision or benefit for the interim periods' year-to-date financial results. Deferred tax assets and liabilities are measured using the tax rates, based on certain judgments regarding enacted tax laws and published guidance, in effect in the years when those temporary differences are expected to reverse. A valuation allowance is established against the deferred tax assets when it is more likely than not that some portion or all of the deferred taxes may not be realized. The calculation of the deferred tax assets and liabilities, as well as the decision to recognize a tax benefit from an uncertain position and to establish a valuation allowance require management to make estimates and assumptions. We believe that our assumptions and estimates are reasonable, although actual results may have a positive or negative material impact on the balances of deferred tax assets and liabilities, valuation allowances or net income (loss). Only the assumptions and estimates for the calendar year 2013 are used to determine the reasonableness of the Company's deferred tax assets and liabilities as of the period ended March 31, 2013. Due to the operating results in the first quarter of 2013, an adjustment to our valuation allowance was determined to be necessary. Therefore, for the three months ended March 31, 2013, the Company increased its valuation allowance by $1.0 million, bringing the total valuation allowance relating to federal and state deferred tax assets to $18.1 million. For the three months ended March 31, 2013, our effective tax rate was (1.6)% compared to (1.0)% for the same period in 2012. Due to the valuation allowance, any federal tax expense or benefit generated in 2013 will have no net effect on the income tax provision. The tax expense recorded for the three months ended March 31, 2013 relates solely to state tax expense.

Related Party Transactions (Details) (USD $)	2 Months Ended	3 Months Ended
Related Party Transactions (Details) (USD $)	Feb. 27, 2013	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012
Related Party Transaction [Line Items]
Percentage of equity interest (in hundredths)	19.90%
Sale of equity interest in a company		$ 3,200,000
Book value of investment at the date of sale	1,600,000			1,700,000
Gain on sale of investment in limited partnership		(1,649,000)	0
Amount of equity investment	1,600,000			1,700,000
Equity in earnings	(10,000)	(10,000)	235,000
Cash distribution from earnings of related party		180,000	31,000
Maintenance and repair services, accessories and parts invoiced from related party	$ 129,000		$ 540,000

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2013
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	8. Recent Accounting Pronouncements We have reviewed recently issued accounting pronouncements and determined that they do not have a material impact on our consolidated financial statements.

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2013
Related Party Transactions [Abstract]
Related Party Transactions	6. Related Party Transactions On February 27, 2013, the Company sold its 19.9% equity interest in W&B Service Company, L.P. ("W&B") for $3.2 million. The Company's book value of this equity method investment at the date of sale was $1.6 million, resulting in a gain of $1.6 million during the first quarter of 2013. The equity investment at December 31, 2012, which was included in "Other Assets" in the Company's consolidated condensed balance sheets, was $1.7 million. Any transactions the Company has with W&B subsequent to the sale of our investment are not considered related party transactions. During the period from January 1, 2013 through February 27, 2013, our equity in the earnings of W&B was a loss of $10,000, after final adjustments. During the three months ended March 31, 2012, our equity in the earnings of W&B was $235,000. Cash distributions to us from W&B's earnings during these same periods of 2013 and 2012 were $180,000 and $31,000, respectively. During the period from January 1, 2013 through February 27, 2013, the Company made no purchases from W&B for trailers or refrigeration units. During the three months ended March 31, 2012, we did not make any such purchases from W&B. The Company also utilizes W&B to provide routine maintenance and warranty repair of trailers and refrigeration units. During the period from January 1, 2013 through February 27, 2013, W&B invoiced the Company $129,000 for maintenance and repair services, accessories and parts. During the three months ended March 31, 2012, W&B invoiced us $540,000 for these services and related items.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2013
Commitments and Contingencies [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies The Company is involved in legal actions that arise in the ordinary course of business. Although the outcomes of any such legal actions cannot be predicted, in the opinion of management, the resolution of any currently pending or threatened actions will not have a material adverse effect upon our financial position or results of operations. The Company accrues for costs related to public liability, cargo, employee health insurance and work-related injury claims. When a loss occurs, we record a reserve for the estimated outcome. Public liability and cargo claims expenses are recognized under claims and insurance; employee health and work-related injury expenses are recognized under salaries, wages and related expenses. As additional information becomes available, adjustments are made. Accrued claims liabilities include all such reserves and our estimate for incidents that have been incurred but not reported.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2013
Subsequent Events [Abstract]
Subsequent Events [Text Block]	9. Subsequent Events On April 11, 2013, the Company amended its secured credit facility to increase the maximum amount available for issuing letters of credit from $7.5 million to $10.0 million.

Income Taxes (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Valuation allowance [Abstract]
Increase in valuation allowance	$ 1.0
Total valuation allowance relating to federal and state deferred tax asset	$ 18.1
Effective tax rate (in hundredths)	(1.60%)	(1.00%)

Consolidated Condensed Statements of Comprehensive Income (unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Consolidated Condensed Statements of Comprehensive Income (unaudited) [Abstract]
Net loss	$ (3,255)	$ (5,649)
Other comprehensive income:
Change in postretirement benefits transition obligation	2	0
Total other comprehensive income	2	0
Comprehensive loss	$ (3,253)	$ (5,649)

Long-term Debt (Details) (USD $)	3 Months Ended
Long-term Debt (Details) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Long-term debt [Abstract]
Borrowings under credit facility	$ 25,839,000	$ 26,215,000
Notes payable	16,801,000	17,441,000
Capitalized lease obligations	2,396,000	2,490,000
Total long-term debt	45,036,000	46,146,000
Less: Current maturities	(3,102,000)	(3,040,000)
Total maturities due after one year	41,934,000	43,106,000
Aggregate availability of credit facility	50,000,000
Maturity date of credit facility	Mar. 29, 2015
Borrowing base availability under the credit facility	42,100,000
Standby letters of credit issued	6,600,000
Remaining borrowing availability under credit facility	9,700,000
Line of Credit Facility [Line Items]
Basis spread on Federal Funds Rate (in hundredths)	0.50%
Term of interest period for LIBOR	30 days
Basis spread on LIBOR (in hundredths)	1.00%
Number of days interest will accrue	1 day
Effective percentage rate on promissory note, range, minimum (in hundredths)	4.40%
Effective percentage rate on promissory note, range , maximum (in hundredths)	7.90%
Revenue generating equipment under capital lease	$ 3,000,000
Term of rental agreement under capital lease obligation	60 months
Effective interest rate on the capital lease (in hundredths)	6.80%
LIBOR Loan [Member]
Line of Credit Facility [Line Items]
Interest rate of loans outstanding under credit facility (in hundredths)	3.00%
Bank Base Rate Loan [Member]
Line of Credit Facility [Line Items]
Interest rate of loans outstanding under credit facility (in hundredths)	5.00%