• Red ink rising at Cannon Express

    Truckload carrier Cannon Express lost more than $2.37 million on revenues of $18.5 million for its fiscal third quarter, compared to losses of just $795,777 on revenues of $20.8 million in the same period last year. Losses for the first nine months of fiscal 2002 totaled $6.95 million on revenues of $60 million, compared to losses of $3.11 million on revenues of $63.9 million last year. Chairman &
    May 16, 2002
    Truckload carrier Cannon Express lost more than $2.37 million on revenues of $18.5 million for its fiscal third quarter, compared to losses of just $795,777 on revenues of $20.8 million in the same period last year. Losses for the first nine months of fiscal 2002 totaled $6.95 million on revenues of $60 million, compared to losses of $3.11 million on revenues of $63.9 million last year.

    Chairman & president Dean Cannon said the company's losses resulted from a soft freight market and a shortage of qualified drivers. In March, he laid off 50 corporate non-driver personnel and decided to forgo his salary this year.

    That has helped trim Springdale, AR-based Cannon's annual operating expenses by more than $2.5 million, but Cannon cautioned that those cuts do not assure the company will be successful in increasing its revenues to the level of profitability in the near future.

    About the Author

    Sean Kilcarr

    Editor in Chief

    Sean Kilcarr is a former longtime FleetOwner senior editor who wrote for the publication from 2000 to 2018. He served as editor-in-chief from 2017 to 2018.

     

    Sign up for our free eNewsletters

    Related

    Food producer deploys zero-emission TRUs
    2025 FleetOwner 500: Top private business or home services fleets

    Voice Your Opinion!

    To join the conversation, and become an exclusive member of FleetOwner, create an account today!

    FleetOwner helps commercial fleet executives and maintenance managers who oversee the operations of five or more vehicles. FleetOwner's award-winning editorial and veteran sales staff help trucking industry leaders improve operations and vehicle maintenance and better understand industry regulations and emerging transportation technology. Engaging more than half a million commercial vehicle professionals every month, FleetOwner maintains the largest audience of commercial truck fleet executives available to the industry. Endeavor Business Media Commercial Vehicle Group affiliates Fleet Maintenance, Bulk Transporter, Trailer|Body Builders, Refrigerated Transporter, and For the Driver help FleetOwner reach the entire North American over-the-road transportation and freight industries.
    Newsletters
    The top stories, industry insights and relevant research, assembled by our editors and delivered to your inbox.
    Connect
    Follow us for the latest industry news and insights.
    https://www.facebook.com/fleetowner
    https://www.linkedin.com/company/fleetowner/
    https://twitter.com/fleetowner
    Affiliated Brands
    © 2025 All rights reserved.