Cannon Express Reports Diminished 1Q Figures

Cannon Express Inc. of Springdale said on Nov. 14 that first-quarter revenues were down about $890,000 from the same time last year as a driver shortage and less demand for services weakened the trucking company.

In the first quarter of fiscal 2002, revenue was $21.73 million, compared with $22.62 million last year. Net loss for the quarter was $2.06 million, more than the net loss last year of $1.07 million. Per share loss was 64 cents, compared with 33 cents last year.

Cannon said the company was affected by weaker demand for its services and a shortage of qualified drivers. To combat the slowdown, Cannon said it has hired three outside salespeople and expects to see improvement in freight sales in weak areas.

Cannon also said it has installed a load optimization program that is beginning to show “positive results” and expects to receive its ISO 9001 certification by the summer.