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Frozen Food Express Industries, Message Board

  • whylanki whylanki Feb 28, 2007 10:42 AM Flag

    Q4 Earnings

    Haven't seen or heard of any EPS announcement? Lot of volatility in last week. Other trucking companies announced on or about Jan 25th. It has been 5 weeks since then. Investors are "in the dark" and speculating. Do we have last year's audit problems?

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    • Looks ugly.....and looks like first quarter could be very ugly also..Had a 10 million swing in profitablity to the downside. Somebody better buy them and save them.

    • There is your answer. 61 cents for the year, of which 28 cents comes from one time, non-recurring gain on sale of a life insurance policy, leaves 33 cents for the year from operations. 22 cents in the first half, 16 cents in Q3 and a 5 cent loss in Q4.
      Normally the 2nd half is stronger, so we have 11 cents in the 2nd half x 2 = 22 cents is the current run-rate, at best, and getting weaker.
      The last time we had these kind of earnings, the stock was down around $4 or $5.
      Mr. Stubbs said: "We made some tough decisions in the fourth quarter...." I hope he is right because at this rate, we will be lucky to make 15 cents in 2007.

      • 1 Reply to winslownine
      • Upon further review, notice that our effective tax rate for 2006 was 51.4%. To compute: subtract the nontaxable $5,119 insurance gain from Pretax Income = $12,575, then compute the tax rate by dividing the tax provision by the adjusted pretax income = 6468/122575 = 51.4%

        This is important. How are we going to get any EPS with a 51% tax rate? Why is ours 14-15% higher than all other trucking cos. Even if we can improve operating earnings, we only get to keep half while our competitors keep 65%.

        Management is making this harder than it needs to be. Am very skeptical about 2007 and will be listening for some concrete goals that Webb will be setting out. All this talk about the back half of 07 is baloney. As shareholders, we need to see positive results now, in the first quarter. What will management committ to? In the 3rd quarter, Webb said that he expected the company to continue to produce at a 95.7 O/R, well now we are at 100+ coupled with a 51% tax rate, where is the credibility in statements from management? Do they have any clue as to the direction the company is going in?

 
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