Cannon Express Inc. has hired CFOex Inc. to assist it in improving its financial and operational position.
CFOex is composed principally of former chief financial officers and senior executives from U.S.-based public and private trucking companies and provides financial services exclusively to the transportation industry.
Springdale, AS-based Cannon reported in May that it 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 truckload carrier 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. It has not released fourth-quarter or year-end results.
