Frozen Food Express cuts jobs
Temperature-controlled trucking company Frozen Food Express Industries Inc. says the economic recession has negatively impacted the company, and it expects revenue and earnings for the first quarter to fall below levels attained last year.
The Dallas-based trucking company also said it has reduced its non-driver head count by 150 positions since the start of the year. About 110 of those positions were cut in the last two weeks, Frozen Food Express said in a press release.
Frozen Food Express (Nasdaq:FFEX) specializes in providing motor carriers for the transport of perishable goods such as foods and health care supplies.
“FFEâ��s truckload and less-than-truckload volumes and earnings continue to be impacted by the severe economic recession,” said Mit Stubbs, president and CEO. “The company is experiencing pricing pressure as excess capacity continues within the transportation industry. Despite the economic challenges, the company is focused on protecting its market share while providing the highest service levels to its customers.”
FFE also said it has suspended the company’s 401(K) matching contributions for employees and is consolidating operations within various units.
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