![]() ![]() By the end of 1971 the company was operating in 23 states, mostly in the Midwest and Southwest but stretching as far west as California and as far east as Ohio and Kentucky. Net income rose from $232,000 to $1.2 million during this period.įrozen Food Express expanded rapidly in the late 1960s by taking advantage of the decentralization of the meat-processing industry and the growth in the popularity of frozen convenience foods and fresh produce. Revenues increased from $10.8 million in 1966 to $23.7 million in 1971. The $2.3 million in net proceeds from the shares sold by the company were applied in full against long-term debt. Half of these shares were sold by existing shareholders. In 1971 Frozen Food Express Industries (hereafter called Frozen Food Express for short) became publicly held through an offering of 350,000 shares of common stock at $15 a share. Weller, his uncle, remained chairman and CEO of the company until 1984, when Stubbs assumed these positions as well.įrozen Food Express Industries was formed in 1969, at which time the prior Frozen Food Express became its subsidiary. He then went back to work for the family enterprise, becoming president in 1979. The junior Stubbs washed and loaded trucks in high school and earned a business degree from Texas A&M in 1959. Because refrigerated tractor-trailers or “reefers, ” cost nearly three times as much as regular trailers and burned a good deal more fuel as well, big trucking companies were willing to leave this niche market to smaller operators. From the beginning the company was a specialist in transporting products requiring refrigeration. Revenues for the first year ’s operations were less than $100,000. Its main assets were operating rights in Texas and a handful of trucks. Stubbs, Jr., joined shortly thereafter by his father. Frozen Food Express Before 1980įrozen Food Express was founded in 1945 by two uncles of Stoney M. The company turned a profit in every year of its first half-century in business. ![]() More than 80 percent of its cargo, such as food products, Pharmaceuticals, medical supplies, and film, consisted of temperature-sensitive perishables. Frozen Food Express also was believed to be one of the five largest temperature-controlled, full-truckload carriers in North America. ![]() The company ’s temperature-controlled less-than-truckload (LTL) operation was the largest in the United States and the only one offering regularly scheduled nationwide service, including multicompartment refrigerated trailers to carry goods requiring different temperatures. ![]() was, in the mid-1990s, the largest temperature-controlled trucking company in North America. SICs: 4213 Trucking, Except Local 5078 Refrigeration Equipment and Suppliesįrozen Food Express Industries, Inc. ![]()
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