Truckload carrier Cannon Express of Springdale, AR, watched its revenue fall and losses nearly double during the first quarter of its fiscal 2002.
Cannon said revenue in the first quarter of fiscal 2002 dropped to $21.7 million, down from $22.6 million in the first quarter of fiscal 2001. Cannon also reported a net loss of $2.06 million in the quarter, up from $1.06 million in the same period in fiscal 2001.
Dean Cannon, the carrier’s chairman, said weaker demand for Cannon’s services during the first quarter of fiscal 2002 in certain areas of the country hurt its revenues and profits. A shortage of qualified drivers to operate the company's trucks continued to negatively impact Cannon’s revenue, he added.
Cannon said his company has installed a load optimization program, which is being used to match available loads with available trucks, and is expected to have a positive impact on fleet productivity. Cannon is also in the process of obtaining ISO 9001 certification and expects to be certified by late spring or early summer of 2002.