Red ink rising at Cannon Express

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 &
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.

 

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