Cannon Express reported less third-quarter revenues than last year, and a larger loss than the same period last year as well. Cannon had revenues of $12,552,609 compared to $18,527,847 in the same period of 2002.
Its net loss for the quarter was $3,564,307, compared to a net loss of $2,373,665 in the same quarter last year.
The carrier's revenue for the year is $47,817,977, which is less than the $60,028,215 it earned in the same period last year. Its net loss climbed to $9,573,841, compared to a net loss of $6,950,611 in the nine-month period of fiscal 2002.
The company said it is implementing a plan designed to reconfigure its existing freight network, increase freight rates where justified, develop new shipper relationships in targeted traffic lanes and improve the effectiveness of its driver force.
The purpose of the plan is to minimize over-the-road maintenance repairs, eliminate excess or idle equipment and reduce certain fixed and variable costs.