Truckload carrier Cannon Express said its losses more than doubled in its second fiscal quarter of 2002.
Cannon said it lost more than $2.5 million on revenues of $19.7 million in its second fiscal quarter of 2002, compared to losses of $1.24 million on $20.4 million in revenue in the second fiscal quarter of 2001. For the first six months of fiscal 2002, Cannon has lost $4.75 million on $41.5 million in revenue, compared to losses of $2.32 million on $43 million in revenue for the first six months of fiscal 2001.
Springdale, AR-based Cannon said it is losing money because of lower volume. Opportunities for business from new customers have been fewer due to the economic recession and the lower number of shipments by manufacturers.