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News Breaks
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November 2, 2011
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| 09:21 EDT |  | FFEX |
| theflyonthewall.com: | Frozen Food Express to cut non-driver staff by 12%, take Q4 charge of $0.4M | | Frozen Food Express Industries announced cost savings initiatives that involve a reduction in non-driver staff levels, to be reduced by approximately 12%. In connection with these actions, which are expected to be completed by year-end, the company expects to incur a cash compensation charge of approximately $0.4M during Q4, and realize annualized cost savings of approximately $5.0M. The company also announced that the progress on the sale of certain assets related to its dry-freight operations were ahead of plan. Per the previously announced agreement with Celadon Trucking Services, Inc., sales to various vendors, and replacement of 240 of its oldest tractors for new equipment, the company expects to receive approximately $21.9M in free cash flow, net of related expenditures, during Q4 and January of 2012. :theflyonthewall.com |
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