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Message Boards Settings Frozen Food Express Ind. (FFEX) - Quote Info
Re: Q3 earnings DOWN 22M      6-Nov-09 02:30 pm    
Here is the most important statement in the press release:

"This agreement allows us to partner with an institution that truly understands our business needs."
It appears that the bank has agreed to forbear on the fixed charge coverage test, since ebitdar appears to have declined to less than the minimum 1.25:1 requirement.
My model has the co down to 1:1 by the end of the year, then we are into uncharted waters with the credit facility.

Could be heading to a liquidity crisis in first quarter of next year...deferred capex, maintenance, and possibly even payroll to get thru this slump.

A very difficult operating environment and unlikely to change until next summer.
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free9dye


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  Subject Author Rating Time of Post (ET)  
 
I am presuming that, since tomorrow is Knutsen's last d...
trideem Rate it 5-Nov-09 11:39 am  
 
Loss of 15 cents with a big revenue drop. This qua...
okbymeyou Rate it 6-Nov-09 11:20 am  
 
FFEX operating margin has lost $22.5m in pas...
kiltzp Rate it 6-Nov-09 01:32 pm  
 
Re: Q3 earnings DOWN 22M
free9dye Not rated 6-Nov-09 02:30 pm  
 
FFEX credit line reduced from $50m ...
kiltzp Rate it 9-Nov-09 10:47 am  
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Frozen Food Express Industries Inc. (FFEX)

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