Frozen Food Express Industries Inc. (FFEX)

[Rawnoc]

FFEX -- talked to IR. They say the ONLY reason the EBITDA slide was pulled off of the most recent presentation was because the CFO was unable to attend that particular presentation and would be the one to answer questions regarding financials so they decided to pull that from the slides for the sole reason that he wouldn't be there to answer questions about it.

I was further informed that as of that presentation the EBITDA comfort level was still within the $5 to $7 million EBITDA range, but he couldn't comment further as he's seen the final numbers already.

It was also mentioned that the only variable that's unpredictable at this point is fuel costs. He didn't think the drought had a material impact on them in terms of reefer rates. He also didn't think the heat wave would have a material effect on fuel costs but would get back to me on that.

He also mentioned the difference between 2 year old fleet and 3 year old fleet has a dramatic impact on gas mileage ironically and that their fleet being maintained as new is consuming a lot less fuel than when it was maintained at 3+ years old.

Finanlly it was mentioning, though a bit early to quantify for sure, that a positive additional effect of the driver's school is a reduced acccident and claims cost associated with the new drivers out of the school then the drivers they hire from outside of the company.

Bottom line -- only thing we have to worry about is fuel surcharges lagging behind sudden spikes in fuel prices.