FROZEN FOOD EXPRESS INDUSTRIES, INC. ANNOUNCES ADDITIONAL STOCK BUY BACKStock Option Agreement |
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For Immediate Release
Contacts:
Stoney
M. (“Mit”) Stubbs, Jr., CEO
Thomas
G. Yetter, CFO
(214)
630-8090
Frozen Food Express Industries, Inc.
Announces Additional Stock Buy Back
Dallas, Texas, November 9, 2007— Frozen Food Express
Industries, Inc. (Nasdaq: FFEX) said today
that its Board of Directors has authorized additional repurchases
of its common stock. Shares will be repurchased from
time to time, in the open market or through privately negotiated
transactions, at prevailing market prices as permitted by
applicable securities laws.
In
its Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission (the “SEC”) earlier this
week, FFEX reported that it repurchased 456,900 shares during
the quarter that ended on September 30, 2007. At
that date, there were still 357,900 shares available to be
purchased from the Board’s authorization late last
year. So far during the fourth quarter of 2007,
most of that remaining authorization has been purchased, and
this week the Board of Directors authorized an additional one
million shares to be repurchased.
“The
Board determined that the current market price of our stock is
undervalued and expects that additional repurchases will serve to enhance shareholder
value,” said Stoney M. (Mit) Stubbs, Jr., President and
CEO of FFEX. “There are currently about
16.5 million shares of our common stock outstanding, as
compared to about 17.5 million shares one year
ago.”
About FFEX
Frozen
Food Express Industries, Inc. is a publicly-owned,
temperature-controlled carrier of perishable and
non-perishable goods on the North American
continent. Its services extend from Canada,
through
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