**UNITED        STATES**

**SECURITIES        AND EXCHANGE COMMISSION**

**WASHINGTON,        DC 20549**

**FORM        10-Q**

**x**
**        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES        EXCHANGE ACT OF 1934**

**FOR        THE QUARTERLY PERIOD ENDED MARCH 31, 2007**

**OR**

**r**
**        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES        EXCHANGE ACT OF 1934**

**FOR        THE TRANSITION PERIOD FROM _____________ TO ______________**

**FROZEN        FOOD EXPRESS INDUSTRIES, INC.**

| **Texas**(State                  or other jurisdiction of incorporation                  or organization)                                                  | **1-10006**CommissionFile                  Number | **75-1301831**(IRS                  Employer Identification No.)                                                               |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|
|  **1145                  Empire Central Place****Dallas,                  Texas 75247-4309**(Address                  of principal executive offices) |                                              |  **(214)                  630-8090**(Registrant's                  telephone number,including                  area code) |

**ý**
**o**

**o**
**ý**
**o**

**o**
**ý**

----

**INDEX**

|                         | **PART                  I**  **Financial                  Information**                                                            | **Page                  No.** |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|
|                         |                                                                                                                                    |                          |
| **ITEM                  1**  | Financial                  Statements                                                                                                   |                          |
|                         | Consolidated                  Condensed Balance SheetsMarch                  31, 2007 (unaudited) and December 31, 2006                 | 1                             |
|                         |                                                                                                                                    |                          |
|                         | Consolidated                  Condensed Statements of Income (unaudited)Three                  months ended March 31, 2007 and 2006     | 2                             |
|                         |                                                                                                                                    |                          |
|                         | Consolidated                  Condensed Statements of Cash Flows (unaudited)Three                  months ended March 31, 2007 and 2006 | 3                             |
|                         |                                                                                                                                    |                          |
|                         | Notes                  to Consolidated Condensed Financial Statements (unaudited)                                                       | 4                             |
|                         |                                                                                                                                    |                          |
| **ITEM                  2**  | Management's                  Discussion and Analysis ofFinancial                  Condition and Results of Operations                  | 7                             |
|                         |                                                                                                                                    |                          |
| **ITEM                  3**  | Quantitative                  and Qualitative Disclosures About Market Risk                                                             | 17                            |
|                         |                                                                                                                                    |                          |
| **ITEM                  4**  | Controls                  and Procedures                                                                                                | 17                            |
|                         |                                                                                                                                    |                          |
|                         | **PART                  II**  **Other                  Information**                                                               |                          |
|                         |                                                                                                                                    |                          |
| **ITEM                  1**  | Legal                  Proceedings                                                                                                      | 18                            |
|                         |                                                                                                                                    |                          |
| **ITEM                  1A** | Risk                  Factors                                                                                                           | 18                            |
|                         |                                                                                                                                    |                          |
| **ITEM                  2**  | Unregistered                  Sales of Equity Securities and Use of Proceeds                                                            | 18                            |
|                         |                                                                                                                                    |                          |
| **ITEM                  3**  | Defaults                  Upon Senior Securities                                                                                        | 19                            |
|                         |                                                                                                                                    |                          |
| **ITEM                  4**  | Submission                  of Matters to a Vote of Security Holders                                                                    | 19                            |
|                         |                                                                                                                                    |                          |
| **ITEM                  5**  | Other                  Information                                                                                                      | 19                            |
|                         |                                                                                                                                    |                          |
| **ITEM                  6**  | Exhibits                                                                                                                                | 19                            |
|                         |                                                                                                                                    |                          |
|                              | Signatures                                                                                                                              | 20                            |
|                         |                                                                                                                                    |                          |
|                         | Exhibit                index                                                                                                            | 21                            |

----

**PART        I. ****FINANCIAL INFORMATION**

**ITEM        1.** **Financial        Statements**

**FROZEN        FOOD EXPRESS INDUSTRIES, INC. AND SUBSIDIARIES**

**Consolidated        Condensed Balance Sheets**

*(In        thousands)*

| **Assets**                                                             |   | **March                  31,****2007****(unaudited)** |    | **December 31,****2006**  |   |
|------------------------------------------------------------------------|--------|-------------------------------------------------------|---------|-------------------------------------|--------|
| Current                  assets                                        |   |                                                  |         |                                |   |  |   |
| Cash                  and cash equivalents                             |   | $                                                     | 12,378  |                                | $      | 9,589 |   |
| Accounts                  receivable, net                              |   |                                                  | 47,517  |                                |   | 49,895 |   |
| Tires                  on equipment in use                             |   |                                                  | 4,826   |                                |   | 4,953 |   |
| Other                  current assets                                  |   |                                                  | 10,790  |                                |   | 21,749 |   |
| Total                  current assets                                  |   |                                                  | 75,511  |                                |   | 86,186 |   |
|                                                                   |   |                                                  |    |                                |   |   |   |
| Property                  and equipment, net                           |   |                                                  | 94,807  |                                |   | 97,808 |   |
| Other                  assets                                          |   |                                                  | 7,743   |                                |   | 7,768 |   |
| Total                  assets                                          |   | $                                                     | 178,061 |                                | $      | 191,762 |   |
|                                                                   |   |                                                  |    |                                |   |   |   |
| **Liabilities                  and shareholders' equity**              |   |                                                  |    |                                |   |   |   |
| Current                  liabilities                                   |   |                                                  |    |                                |   |   |   |
| Accounts                  payable                                      |   | $                                                     | 21,795  |                                | $      | 23,206 |   |
| Accrued                  claims                                        |   |                                                  | 9,431   |                                |   | 11,084 |   |
| Accrued                  payroll                                       |   |                                                  | 6,531   |                                |   | 8,478 |   |
| Accrued                  liabilities                                   |   |                                                  | 1,554   |                                |   | 2,005 |   |
| Total                  current liabilities                             |   |                                                  | 39,311  |                                |   | 44,773 |   |
|                                                                   |   |                                                  |    |                                |   |   |   |
| Long-term                  debt                                        |   |                                                  | --      |                                |   | 4,900 |   |
| Deferred                  income taxes                                 |   |                                                  | 9,477   |                                |   | 9,752 |   |
| Accrued                  claims                                        |   |                                                  | 8,554   |                                |   | 9,806 |   |
| Total                  liabilities                                     |   |                                                  | 57,342  |                                |   | 69,231 |   |
|                                                                   |   |                                                  |    |                                |   |   |   |
| **Shareholders'                  equity**                              |   |                                                  |    |                                |   |   |   |
| Par                  value of common stock (18,572 shares issued)      |   |                                                  | 27,858  |                                |   | 27,858 |   |
| Capital                  in excess of par value                        |   |                                                  | 6,858   |                                |   | 6,910 |   |
| Retained                  earnings                                     |   |                                                  | 97,496  |                                |   | 98,257 |   |
|                                                                   |   |                                                  | 132,212 |                                |   | 133,025 |   |
| Unvested                  restricted stock (113 and 90 shares issued)  |   |                                                  | (1,095  | )                                   |   | (865 | ) |
| Treasury                  stock (1,264 and 1,170 shares, at cost) |   |                                                  | (10,398 | )                                   |   | (9,629 | ) |
| Total                  shareholders' equity                            |   |                                                  | 120,719 |                                |   | 122,531 |   |
| Total                  liabilities and shareholders’ equity      |   | $                                                     | 178,061 |                                | $      | 191,762 |   |

*See        accompanying notes*
*to        consolidated condensed financial statements.*

----

**FROZEN        FOOD EXPRESS INDUSTRIES, INC. AND SUBSIDIARIES**

**Consolidated        Condensed Statements of Income**

*(Unaudited        and in thousands, except per-share amounts)*

|                                                                                                     |   |  **2007** |    |  **2006** |   |
|----------------------------------------------------------------------------------------------------------|--------|----------------|---------|----------------|--------|
| Revenue                                                                                                  |   | $              | 106,508 |           | $      | 123,598 |   |
| Operating                  expenses                                                                      |   |           |         |           |   |  |   |
|                        Salaries, wages and related expenses                     |   |           | 32,055  |           |   | 33,988 |   |
|                        Purchased transportation                                 |   |           | 24,408  |           |   | 28,316 |   |
|                        Fuel                                                     |   |           | 18,956  |           |   | 20,818 |   |
|                        Supplies and expenses                                    |   |           | 13,416  |           |   | 15,325 |   |
|                        Revenue equipment rent                                   |   |           | 7,518   |           |   | 7,956 |   |
|                        Depreciation                                             |   |           | 5,162   |           |   | 5,183 |   |
|                        Communications and utilities                             |   |           | 1,020   |           |   | 1,086 |   |
|                        Claims and insurance                                     |   |           | 3,030   |           |   | 3,995 |   |
|                        Operating taxes and licenses                             |   |           | 1,169   |           |   | 1,301 |   |
|                        Gain on disposition of equipment                         |   |           | (522    | )              |   | (634 | ) |
|                        Miscellaneous expenses                                   |   |           | 964     |           |   | 2,775 |   |
|  Total                  operating expenses                                                          |   |           | 107,176 |           |   | 120,109 |   |
| (Loss)                  income from continuing operations                                                |   |           | (668    | )              |   | 3,489 |   |
|                                                                                                     |   |           |         |           |   |  |   |
| Interest                  and other (income) expense                                                     |   |           |         |           |   |  |   |
| Interest                  expense                                                                        |   |           | --      |           |   | 60 |   |
| Interest                  income                                                                         |   |           | (140    | )              |   | (117 | ) |
| Equity                  in earnings of limited partnership                                               |   |           | (99     | )              |   | (137 | ) |
| Life                  insurance and other                                                                |   |           | 27      |           |   | (46 | ) |
|  Total                  interest and other (income) expense                                         |   |           | (212    | )              |   | (240 | ) |
| Pre-tax                  (loss) income from continuing operations                                        |   |           | (456    | )              |   | 3,729 |   |
| Income                  tax (benefit) expense                                                            |   |           | (223    | )              |   | 1,649 |   |
| Net                  (loss) income from continuing operations                                            |   |           | (233    | )              |   | 2,080 |   |
| Loss                  from discontinued operations, net of tax                                           |   |           | --      |           |   | (145 | ) |
| Net                  (loss) income                                                                       |   | $              | (233    | )              | $      | 1,935 |   |
| Net                  (loss) income from continuing operations per share of common                  stock |   |           |         |           |   |  |   |
|                        Basic                                                    |   | $              | (0.01   | )              | $      | 0.12 |   |
|                        Diluted                                                  |   | $              | (0.01   | )              | $      | 0.11 |   |
| Loss                  from discontinued operations per share of common stock                             |   |           |         |           |   |  |   |
|                        Basic                                                    |   | $              | --      |           | $      | (0.01 | ) |
|                        Diluted                                                  |   | $              | --      |           | $      | (0.01 | ) |
| Net                  (loss) income per share of common stock                                             |   |           |         |           |   |  |   |
|                        Basic                                                    |   | $              | (0.01   | )              | $      | 0.11 |   |
|                        Diluted                                                  |   | $              | (0.01   | )              | $      | 0.10 |   |
| Weighted                  average shares outstanding                                                     |   |           |         |           |   |  |   |
|                        Basic                                                    |   |           | 17,419  |           |   | 17,986 |   |
|                        Diluted                                                  |   |           | 17,419  |           |   | 18,896 |   |

*See        accompanying notes*
*to        consolidated condensed financial statements.*

----

**FROZEN        FOOD EXPRESS INDUSTRIES, INC. AND SUBSIDIARIES**

**Consolidated        Condensed Statements of Cash Flows**

*(Unaudited        and in thousands)*

|                                                                     |   | **2007** |   |  **2006** |   |
|--------------------------------------------------------------------------|--------|----------|--------|----------------|--------|
| **Net                  cash provided by operating activities**           |   | $        | 11,405 |           | $      | 6,177 |   |
|                                                                     |   |     |   |           |   |   |   |
| **Cash                  flows from investing activities**                |   |     |   |           |   |   |   |
| Expenditures                  for property and equipment                 |   |     | (5,926 | )              |   | (11,425 | ) |
| Proceeds                  from sale of property and equipment            |   |     | 4,130  |           |   | 1,556 |   |
| Other                                                                    |   |     | (5     | )              |   | 7 |   |
| **Net                  cash used in investing activities**     |   |     | (1,801 | )              |   | (9,862 | ) |
|                                                                     |   |     |   |           |   |   |   |
| **Cash                  flows from financing activities**                |   |     |   |           |   |   |   |
| Borrowings                                                               |   |     | --     |           |   | -- |   |
| Payments                  against borrowings                             |   |     | (4,900 | )              |   | -- |   |
| Proceeds                  from capital stock transactions                |   |     | 406    |           |   | 995 |   |
| Dividends                                                                |   |     | (528   | )              |   | -- |   |
| Purchases                  of treasury stock                   |   |     | (1,874 | )              |   | -- |   |
| Income                  tax benefit of stock options exercised           |   |     | 81     |           |   | 111 |   |
| Other                                                                    |   |     | --     |           |   | (15 | ) |
| **Net                  cash (used in) provided by financing activities** |   |     | (6,815 | )              |   | 1,091 |   |
|                                                                     |   |     |   |           |   |   |   |
| Net                  increase (decrease) in cash and cash equivalents    |   |     | 2,789  |           |   | (2,594 | ) |
| Cash                  and cash equivalents at January 1                  |   |     | 9,589  |           |   | 10,957 |   |
|                                                                     |   |     |   |           |   |   |   |
| Cash                  and cash equivalents at March 31                   |   | $        | 12,378 |           | $      | 8,363 |   |
|                                                                     |   |     |        |           |   |  |   |

*See        accompanying notes*
*to        consolidated condensed financial statements.*

----

**FROZEN        FOOD EXPRESS INDUSTRIES, INC. AND SUBSIDIARIES**

**Notes        to Consolidated Condensed Financial Statements**

*(Unaudited)*

**1.        **
**BASIS        OF PRESENTATION**

**2.        **
**REVENUE        AND EXPENSE RECOGNITION**

*Revenue        and Expense Recognition for Freight Services In Progress”*

**3.        **
**STOCK-BASED        COMPENSATION**

|                                                                           |   | **2007** |   | **2006** |   |
|--------------------------------------------------------------------------------|--------|----------|--------|----------|--------|
| Options                    outstanding at beginning of period                  |   |     | 2,098  |     |   | 2,988 |   |
| Cancelled                                                                      |   |     | (112   | )        |   | (4 | ) |
| Granted                                                                        |   |     | --     |     |   | -- |   |
| Exercised                                                                      |   |     | (75    | )        |   | (181 | ) |
| Options                    outstanding at end of period                        |   |     | 1,911  |     |   | 2,803 |   |
| Exercisable                    options                                         |   |     | 1,905  |     |   | 2,164 |   |
| Year-end                    weighted average remaining life of options (years) |   |     | 5.4    |     |   | 6.4 |   |
| Weighted                    average price of options:                          |   |     |   |     |   |   |   |
| Cancelled                    during period                                     |   | $        | 9.25   |     | $      | 8.34 |   |
| Granted                    during period                                       |   | $        | --     |     | $      | -- |   |
| Exercised                    during period                                     |   | $        | 5.41   |     | $      | 5.49 |   |
| Outstanding                    at end of period                                |   | $        | 6.12   |     | $      | 5.91 |   |
| Exercisable                    at end of period                                |   | $        | 5.53   |     | $      | 4.46 |   |
| Intrinsic                    value of options:                                 |   |     |   |     |   |   |   |
| Exercised                    during the period                                 |   | $        | 218    |     | $      | 898 |   |
| Outstanding                    at end of period                                |   | $        | 5,538  |     | $      | 12,877 |   |
| Exercisable                    at end of period                                |   | $        | 5,498  |     | $      | 12,807 |   |
|                                                                           |   |     |   |     |   |   |   |

----

|                                    |   |  **2007**                                      |   | **2006**                                                                    |   |
|-----------------------------------------|--------|-----------------------------------------------------|--------|-----------------------------------------------------------------------------|--------|
| **Restricted                  Stock**   |   |  **Shares****(in                  thousands)** |   |  **Weighted-****Average****Grant-Date****Fair                  Value** |   | **Shares****(in                  thousands)** |   | **Weighted-****Average****Grant-Date****Fair                  Value** |   |
| Nonvested                  at January 1 |   |                                                | 90     |                                                                        | $      | 9.60 |   |   | 6 |   | $ | 9.70 |   |
| Granted                                 |   |                                                | 27     |                                                                        |   | 8.09 |   |   | 42 |   |   | 14.12 |   |
| Vested                                  |   |                                                | (2     | )                                                                           |   | 13.20 |   |   | -- |   |   | -- |   |
| Forfeited                               |   |                                                | (2     | )                                                                           |   | 8.63 |   |   | -- |   |   | -- |   |
| Nonvested                  at March 31  |   |                                                | 113    |                                                                        | $      | 9.65 |   |   | 48 |   | $ | 13.53 |   |

**4.        **
**RELATED        PARTY TRANSACTIONS**

**5.**
**LONG-TERM        DEBT**

----

**6.        **
**INCOME        TAXES**

*Accounting        for Uncertainty in Income Taxes - An Interpretation of FASB Statement        No. 109*

**7.        **
**COMMITMENTS        AND CONTINGENCIES**

**8.        **
**NET        (LOSS) INCOME PER SHARE OF COMMON STOCK**

|                                      |   | **2007 ** |   | **2006 ** |   |
|-------------------------------------------|--------|----------------|--------|----------------|--------|
| Basic                  shares             |   |           | 17,419 |           |   | 17,986 |   |
| Common                  stock equivalents |   |           | --     |           |   | 910 |   |
| Diluted                  shares           |   |           | 17,419 |           |   | 18,896 |   |

----

**ITEM        2.**   **Management's        Discussion and Analysis of Financial Condition and Results of        Operations**

**GENERAL**

**RESULTS        OF OPERATIONS**

***Three Months        Ended March 31, 2007 and 2006***

***Revenue***

----

| Revenue                  from (a):                                |   |  **2007** |   |  **2006** |   |
|-------------------------------------------------------------------|--------|----------------|--------|----------------|--------|
| Temperature-controlled                  fleet                     |   | $              | 34.4   |           | $      | 41.7 |   |
| Dry-freight                  fleet                                |   |           | 18.3   |           |   | 20.6 |   |
| Total                  truckload linehaul services                |   |           | 52.7   |           |   | 62.3 |   |
| Dedicated                  fleets                                 |   |           | 4.4    |           |   | 6.0 |   |
| Total                  full-truckload                             |   |           | 57.1   |           |   | 68.3 |   |
| Less-than-truckload                  linehaul services            |   |           | 30.4   |           |   | 32.4 |   |
| Fuel                  surcharges                                  |   |           | 14.7   |           |   | 17.0 |   |
| Freight                  brokerage                                |   |           | 3.1    |           |   | 2.9 |   |
| Equipment                  rental                       |   |           | 1.2    |           |   | 3.0 |   |
| Total                  revenue                                    |   | $              | 106.5  |           | $      | 123.6 |   |
| Operating                  expenses(a)                            |   | $              | 107.2  |           | $      | 120.1 |   |
| (Loss)                  income from operations (a)                |   | $              | (0.7   | )              | $      | 3.5 |   |
| Operating                  ratio (b)                              |   |           | 100.6  | %              |   | 97.2 | % |
| Total                  full-truckload revenue                     |   | $              | 57.1   |           | $      | 68.3 |   |
| Less-than-truckload                  linehaul revenue             |   |           | 30.4   |           |   | 32.4 |   |
| Total                  linehaul and dedicated fleet revenue  |   | $              | 87.5   |           | $      | 100.7 |   |
| Weekly                  average trucks in service                 |   |           | 2,160  |           |   | 2,301 |   |
| Revenue                  per truck per week (c)                   |   | $              | 3,151  |           | $      | 3,404 |   |

| **Computational                  notes:** |
|-------------------------------------------|
| (a)                                       | In                  millions. |
| (b)                                       | Operating                  expenses divided by total revenue. |
| (c)                                       | Total                  linehaul and dedicated fleet revenue divided by number of weeks                  in period                  divided by average number of trucks in                  service. |

----

| **Truckload**                                                                   |   | **2007** |   | **2006** |   |
|---------------------------------------------------------------------------------|--------|----------|--------|----------|--------|
|     Total                  linehaul miles (a)               |   |     | 40.5   |     |   | 47.1 |   |
|     Loaded                  miles (a)                       |   |     | 36.4   |     |   | 42.7 |   |
|     Empty                  mile ratio (b)                   |   |     | 10.1   | %        |   | 9.3 | % |
|     Linehaul                  revenue per total mile (c)    |   | $        | 1.30   |     | $      | 1.32 |   |
|     Linehaul                  revenue per loaded mile (d)   |   | $        | 1.45   |     | $      | 1.46 |   |
|     Linehaul                  shipments (e)                 |   |     | 39.3   |     |   | 44.3 |   |
|     Loaded                  miles per shipment (f)          |   |     | 926    |     |   | 964 |   |
| **Less-than-truckload**                                                    |   |     |   |     |   |   |   |
|     Hundredweight                  (e)                      |   |     | 2,053  |     |   | 2,100 |   |
|     Shipments                  (e)                          |   |     | 65.6   |     |   | 66.6 |   |
|     Linehaul                  revenue per hundredweight (g) |   | $        | 14.81  |     | $      | 15.43 |   |
|     Linehaul                  revenue per shipment (h)      |   | $        | 463    |     | $      | 486 |   |
|     Average                  weight per shipment (i)        |   |     | 3,130  |     |   | 3,153 |   |

| **Computational                  notes:** |
|-------------------------------------------|
| (a)                                       | In                  millions. |
| (b)                                       | Total                  linehaul miles minus loaded miles, divided by total linehaul                  miles. |
| (c)                                       | Revenue                  from linehaul services divided by total linehaul miles. |
| (d)                                       | Revenue                  from linehaul services divided by loaded miles. |
| (e)                                       | In                  thousands. |
| (f)                                       | Total                  loaded miles divided by number of linehaul shipments. |
| (g)                                       | LTL                  revenue divided by hundredweight. |
| (h)                                       | LTL                  revenue divided by number of shipments. |
| (i)                                       | LTL                  hundredweight times one hundred divided by number of                  shipments.  |

|                                    |   | ** 2007** |   |  **2006** |   |
|-----------------------------------------|--------|----------------|--------|----------------|--------|
| **Truckload                  tractors** |   |           |        |           |   |  |   |
| Company-provided                        |   |           | 1,446  |           |   | 1,523 |   |
| Owner-operator                          |   |           | 436    |           |   | 535 |   |
| Total                  truckload        |   |           | 1,882  |           |   | 2,058 |   |
| **LTL                  tractors**       |   |           |   |           |   |   |   |
| Company-provided                        |   |           | 113    |           |   | 100 |   |
| Owner-operator                          |   |           | 127    |           |   | 146 |   |
| Total                  LTL              |   |           | 240    |           |   | 246 |   |
|                                    |   |           |   |           |   |   |   |
| Total                  company-provided |   |           | 1,559  |           |   | 1,623 |   |
| Total                  owner-operator   |   |           | 563    |           |   | 681 |   |
| Tractors                  in service    |   |           | 2,122  |           |   | 2,304 |   |
| Trailers                  in service    |   |           | 3,809  |           |   | 4,180 |   |

----

***Operating        Expenses:***

|                                                     |   | **2007** |   | **2006** |   |
|----------------------------------------------------------|--------|----------|--------|----------|--------|
| Salaries,                  wages and related expenses    |   |     | 30.1   | %        |   | 27.5 | % |
| Purchased                  transportation                |   |     | 22.9   |     |   | 22.9 |   |
| Fuel                                                     |   |     | 17.8   |     |   | 16.8 |   |
| Supplies                  and expenses                   |   |     | 12.6   |     |   | 12.4 |   |
| Revenue                  equipment rent and depreciation |   |     | 11.9   |     |   | 10.6 |   |
| Claims                  and insurance                    |   |     | 2.8    |     |   | 3.2 |   |
| Other                                                    |   |     | 2.5    |     |   | 3.8 |   |
| Total                  operating expenses                |   |     | 100.6  | %        |   | 97.2 | % |

***   ***
***  Salaries,        Wages and Related Expenses***
*:*

| **Amount                  of Salaries, Wages and Related Expenses Incurred                  for** |   | **2007** |   |  **2006** |   |
|---------------------------------------------------------------------------------------------------|--------|----------|--------|----------------|--------|
| Driver                  salaries and per diem expenses                                            |   | $        | 18.7   |           | $      | 19.2 |   |
| Non-driver                  salaries                                                              |   |     | 9.5    |           |   | 9.4 |   |
| Payroll                  taxes                                                                    |   |     | 2.4    |           |   | 2.6 |   |
| Work-related                  injuries                                                            |   |     | .4     |           |   | 1.7 |   |
| Health                  insurance and other                                                       |   |     | 1.1    |           |   | 1.1 |   |
|                                                                                              |   | $        | 32.1   |           | $      | 34.0 |   |

----

***Purchased        Transportation: ***

| **Amount                  of Purchased Transportation Expense Incurred for** |   | **2007** |   | **2006** |   |
|------------------------------------------------------------------------------|--------|----------|--------|----------|--------|
| Linehaul                  service                                            |   | $        | 18.6   |     | $      | 22.1 |   |
| Fuel                  adjustments                                            |   |     | 3.4    |     |   | 3.8 |   |
| Freight                  brokerage and other                                 |   |     | 2.4    |     |   | 2.4 |   |
|                                                                         |   | $        | 24.4   |     | $      | 28.3 |   |

----

***Fuel:***

|                                                                                                      |   | **2007** |   | **2006** |   |
|-----------------------------------------------------------------------------------------------------------|--------|----------|--------|----------|--------|
| Total                  linehaul and dedicated fleet revenue                                               |   | $        | 87.5   |     | $      | 100.7 |   |
| Fuel                  expense                                                                             |   |     | 18.9   |     |   | 20.8 |   |
| Fuel                  expense as a percent of total linehaul and                  dedicated fleet revenue |   |     | 21.7   | %        |   | 20.7 | % |

***Supplies        and Expenses***
*:*

| **Amount                  of Supplies and Expenses Incurred for** |   | **2007 ** |   | **2006 ** |   |
|-------------------------------------------------------------------|--------|----------------|--------|----------------|--------|
| Fleet                  repairs and maintenance                    |   | $              | 4.0    |           | $      | 5.0 |   |
| Freight                  handling                                 |   |           | 2.7    |           |   | 2.8 |   |
| Driver                  travel expenses                           |   |           | 0.7    |           |   | 0.8 |   |
| Tires                                                             |   |           | 1.4    |           |   | 1.6 |   |
| Terminal                  and warehouse expenses                  |   |           | 1.5    |           |   | 1.4 |   |
| Driver                  recruiting                                |   |           | 1.4    |           |   | 1.4 |   |
| Other                                                             |   |           | 1.7    |           |   | 2.3 |   |
|                                                              |   | $              | 13.4   |           | $      | 15.3 |   |

----

***Rentals        and Depreciation:***

***Claims        and Insurance:***

| **Amount                  of Claims and Insurance Expenses Incurred for** |   | **2007 ** |   | **2006 ** |   |
|---------------------------------------------------------------------------|--------|----------------|--------|----------------|--------|
| Liability                                                                 |   | $              | 1.8    |           | $      | 2.7 |   |
| Cargo                                                                     |   |           | 0.6    |           |   | 0.7 |   |
| Physical                  damage                                          |   |           | 0.6    |           |   | 0.6 |   |
|                                                                      |   | $              | 3.0    |           | $      | 4.0 |   |

***Gains        on Disposition of Equipment:***

***Miscellaneous        Expenses:***

| **Amount                  of Miscellaneous Expense Incurred for** |   | **2007** |   | **2006** |   |
|-------------------------------------------------------------------|--------|----------|--------|----------|--------|
| Building                  and office equipment rent               |   | $        | 0.3    |     | $      | 0.5 |   |
| Legal                  fees                                       |   |     | (0.1   | )        |   | 1.0 |   |
| Audit                  fees                                       |   |     | 0.2    |     |   | 0.4 |   |
| Sarbanes-Oxley                  fees                              |   |     | 0.1    |     |   | 0.6 |   |
| Customer                  bad debt                                |   |     | 0.1    |     |   | -- |   |
| Other                                                             |   |     | 0.4    |     |   | 0.3 |   |
|                                                              |   | $        | 1.0    |     | $      | 2.8 |   |

***Operating        Income or Loss:***

----

***Interest        and Other***
*:*

| **Amount                  of Interest and Other (Income) Expense from** |   | **2007** |   | **2006** |   |
|-------------------------------------------------------------------------|--------|----------|--------|----------|--------|
| Interest                  expense                                       |   | $        | --     |     | $      | 60 |   |
| Interest                  income                                        |   |     | (140   | )        |   | (117 | ) |
| Equity                  in earnings of limited partnership              |   |     | (99    | )        |   | (137 | ) |
| Life                  insurance and other                               |   |     | 27     |     |   | (46 | ) |
|                                                                    |   | $        | (212   | )        | $      | (240 | ) |

***Pre-Tax        and Net Income***
*:*

**LIQUIDITY        AND CAPITAL RESOURCES**

***Debt        and Working Capital***
*:*

***Cash        Flows***

----

***Obligations        and Commitments***
*:         *

| **Payments                  Due by Year**             |   | **Total** |   | **2007****(1)** |   | **2008** |   | **2009** |   | **2010** |   | **2011** |   | **After                  2011** |   |
|-------------------------------------------------------|--------|-----------|--------|-----------------|--------|----------|--------|----------|--------|----------|--------|----------|--------|---------------------------------|--------|
| Long-term                  debt and letters of credit |   | $         | 6.0    |            | $      | --       |   | $        | --     |     | $      | --       |   | $                               | 6.0    |   | $ | -- |   | $ | -- |   |
| Purchase                  obligations                 |   |      | 6.6    |            |   | 6.6      |   |     | --     |     |   | --       |   |                            | --     |   |   | -- |   |   | -- |   |
| Operating                  leases for                 |   |      |   |            |   |     |   |     |   |     |   |     |   |                            |   |   |   |   |   |   |   |   |
| Rentals                                               |   |      | 94.3   |            |   | 23.0     |   |     | 27.3   |     |   | 21.1     |   |                            | 11.0   |   |   | 5.9 |   |   | 6.0 |   |
| Residual                  guarantees                  |   |      | 4.1    |            |   | 0.4      |   |     | 1.0    |     |   | 1.2      |   |                            | 1.5    |   |   | -- |   |   | -- |   |
| Accounts                  payable                     |   |      | 21.8   |            |   | 21.8     |   |     | --     |     |   | --       |   |                            | --     |   |   | -- |   |   | -- |   |
| Accrued                  payroll                      |   |      | 4.3    |            |   | 4.3      |   |     | --     |     |   | --       |   |                            | --     |   |   | -- |   |   | -- |   |
|                                                  |   |      | 137.1  |            | $      | 56.1     |   | $        | 28.3   |     | $      | 22.3     |   | $                               | 18.5   |   | $ | 5.9 |   | $ | 6.0 |   |
| Deferred                  compensation                |   |      |   |            |   |     |   |     |   |     |   |     |   |                            |   |   |   |   |   |   |   |   |
| Phantom                  stock (2)                    |   |      | 0.9    |            |   |     |   |     |   |     |   |     |   |                            |   |   |   |   |   |   |   |   |
| Rabbi                  trust (3)                      |   |      | 1.3    |            |   |     |   |     |   |     |   |     |   |                            |   |   |   |   |   |   |   |   |
| Total                                                 |   | $         | 139.3  |            |   |     |   |     |   |     |   |     |   |                            |   |   |   |   |   |   |   |   |

| (1)  | Represents                  amounts due between April 1, 2007 and December 31,                  2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Represents                  the current value of approximately 104,000 phantom stock units                  awarded                  pursuant to our Executive Bonus and Phantom Stock Plan and a Supplemental                  Executive Retirement Plan. An officer may elect to cash out any                  number of                  the phantom stock units between December 1 and December 15 of any                  year                  selected by the officer with the payout amount with respect to                  each                  phantom stock unit being generally equal to the greater of (i)                  the actual                  price of our common stock on December 31 of the year of an officer’s                  election to cash out the unit, or (ii) the average of the 12 month-end                  values of our stock during the year in which an officer elects                  to cash                  out. Accordingly, we are unable to anticipate the year this currently                  unfunded obligation will be paid in cash or the amount of cash                  ultimately                  payable. |
| (3)  | Includes                  the obligations of a "grantor" (or "rabbi") trust established in                  connection with our 401(k) wrap plan to hold company assets to                  satisfy                  obligations under the wrap plan. The trust obligations include                  approximately 93,000 shares of our common stock that will be cashed                  out either upon the eligibility of the obligations to be transferred                  to                  our 401(k) Savings Plan or upon the retirement of individual wrap                  plan                  participants. Accordingly, we are unable to anticipate the year                  this                  amount will be paid in cash or the amount of cash ultimately                  payable.                                                                                                                                                                                                                                                                                                                                                                 |

----

**NEW        ACCOUNTING PRONOUNCEMENTS**

*Fair        Value Measurement*

*The        Fair Value Option for Financial Assets and Financial Liabilities - including        an        amendment of FASB Statement No. 115*

**OUTLOOK**

----

**OFF-BALANCE        SHEET ARRANGEMENTS**

**ITEM        3. ****Quantitative        and Qualitative Disclosures about Market Risk**

| **Description**                                                                                              |   | **Discussion**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Rabbi                  Trust investment ($0.8 million) in 93,000 shares of our                  stock. |   |  Our                  consolidated condensed financial statements include the assets                  and                  liabilities of a Rabbi Trust established to hold the investments                  of                  participants in our 401(k) Wrap Plan and for deferred compensation                  liabilities under our Executive Bonus and Phantom Stock Plan. Such                  liabilities are adjusted from time to time to reflect changes in                  the                  market price of our common stock. Accordingly, our future compensation                  expense and income will be impacted by fluctuations in the market                  price of                  our common stock. |
|  Cash                  surrender value of life insurance policies, $1.9 million.                        |   | The                  cash surrender value of our life insurance policies is a function                  of the                  amounts we pay to the insurance companies, the insurance charges                  taken by                  the insurance companies and the investment returns earned, or losses                  incurred, by the insurance company. Changes in any of these factors                  will                  impact the cash surrender value of our life insurance policies.                  Insurance                  charges and investment performance have a proximate effect on the                  value of                  our life insurance assets and on our net                  income.     |

**ITEM        4. ****Controls        and Procedures**

**(a)        Disclosure Controls and Procedures:  **

**(b)        Management’s Report on Internal Control over Financial Reporting: **
*Internal        Control - Integrated Framework*

| i)   | The                  Company lacked adequate policies and procedures to ensure the completeness                  and accuracy of the reserve for cargo claims. Specifically, the                  Company                  lacked (a) adequate policies and procedures to ensure the timely                  reporting                  of asserted cargo claims by personnel responsible for the daily                  management                  of those claims, and (b) adequate management supervision and review                  of the                  reserve for cargo claims. This deficiency resulted in material                  errors in                  the reserve for cargo claims and related expenses in the 2006 annual                  consolidated financial statements. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**(c)        Changes in Internal Control over Financial Reporting: **

**(d)        Remediation Efforts: **

----

**PART        II.**
** OTHER        INFORMATION**

**ITEM        1. ****  ****Legal        Proceedings**

**ITEM        1A. ****Risk        Factors**

**ITEM        2. ****Unregistered        Sales of Equity Securities and Use of Proceeds**

| **Period**                                       | ** ** | **Total                  Number of Shares Purchased ****(a) ** |    | **Average                  Price Paid per                  Share****(b)  ** | ** ** | **Total                  Number of Shares Purchased as Part                  of Publicly Announced Plans or Programs****(c)** | ** ** | **Maximum                  Number (or Approximate Dollar Value) of Shares That May Yet Be                  Purchased                  Under the Plans or Programs(1) ****(d)**  |    |
|--------------------------------------------------|------------|--------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| January                  1 to January 31, 2007   |       |                                                                     | --      |                                                                                  |       | --                                                                                                                            |       |                                                                                                                                                                                      | --      |   |   | 1,104,100 |   |
| February                  1 to February 28, 2007 |       |                                                                     | --      |                                                                                  |       | --                                                                                                                            |       |                                                                                                                                                                                      | --      |   |   | 1,104,100 |   |
| March                  1 to March 31, 2007       |       |                                                                     | 194,500 | (2)                                                                              | $          | 8.18                                                                                                                          |       |                                                                                                                                                                                      | 194,500 |   |   | 909,600 |   |
| **Total**                                        |       |                                                                     | 194,500 |                                                                                  | $          | 8.18                                                                                                                          |       |                                                                                                                                                                                      | 194,500 |   |   |   |   |

| (1)    | On                  November 8, 2006, our Board of Directors renewed our authorization                  to                  purchase up to 1,318,400 shares of our common stock. The authorization                  allows purchases from time to time on the open market or through                  private                  transactions at such times as management deems appropriate. The                  authorization does not specify an expiration date. Purchases may                  be                  increased, decreased or discontinued by our Board of Directors                  at any time                  without prior notice. |
|-----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)                   | During                  March 2007, current and former employees exchanged 34,200 shares                  that they                  had owned for more than one year as consideration for the exercise                  of                  stock options, as permitted by our stock option plans. Such transactions                  are not deemed as having been purchased as part of our publicly                  announced                  plans or programs.                                                                                                                                                                                    |

----

**ITEM        3.**
**  **
**Defaults        Upon Senior Securities**

**ITEM        4.****  ****Submission        of Matters to a Vote of Security Holders**

**ITEM        5. **** ****Other        Information**

**ITEM        6.  **
**Exhibits**

| 31.1   | Certification                  of Chief Executive Officer Required by Rule 13a-14(a)(17 CFR                  240.13a-14(a)). (filed herewith)                                                                                           |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                    |
| 31.2   | Certification                  of Chief Financial Officer Required by Rule 13a-14(a)(17 CFR                  240.13a-14(a)). (filed herewith)                                                                                           |
|   |                                                                                                                                                                                                                                    |
| 32.1   | Certification                  of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350,                  as Adopted                  Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (filed                  herewith) |
|   |                                                                                                                                                                                                                                    |
| 32.2   | Certification                  of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350,                  as Adopted                  Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (filed                  herewith) |
|   |                                                                                                                                                                                                                                    |

----

**SIGNATURES**

|                                      |  **FROZEN                  FOOD EXPRESS INDUSTRIES, INC.** |                                                                                                                                                        |
|-------------------------------------------|-----------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                      |  (Registrant)                                              |                                                                                                                                                        |
|                                      |                                                            |                                                                                                                                                        |   |
|  Dated:                  May 9, 2007 |  By                                                        |  /s/                  Stoney M. Stubbs, Jr.                                                                                                            |   |
|                                      |                                                            | Stoney                  M. Stubbs, Jr.Chairman                  of the Board of Directors and President(Principal                  Executive Officer)  |   |

|                                      |  **FROZEN                  FOOD EXPRESS INDUSTRIES, INC.** |                                                                                                                                                                        |
|-------------------------------------------|-----------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                      |  (Registrant)                                         |                                                                                                                                                                        |
|  Dated:                  May 9, 2007 |  By                                                        |  /s/                  Thomas G. Yetter                                                                                                                                 |   |
|                                      |                                                            | Thomas                  G. YetterSenior                  Vice President and Chief Financial Officer(Principal                  Financial and Accounting Officer)  |   |

----

**EXHIBIT        INDEX**

| 31.1   | Certification                  of Chief Executive Officer Required by Rule 13a-14(a)(17 CFR                  240.13a-14(a)). (filed herewith)                                                                                           |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                    |
| 31.2   | Certification                  of Chief Financial Officer Required by Rule 13a-14(a)(17 CFR                  240.13a-14(a)). (filed herewith)                                                                                           |
|   |                                                                                                                                                                                                                                    |
| 32.1   | Certification                  of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350,                  as Adopted                  Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (filed                  herewith) |
|   |                                                                                                                                                                                                                                    |
| 32.2   | Certification                  of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350,                  as Adopted                  Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (filed                  herewith) |
|   |                                                                                                                                                                                                                                    |

----