Cannon Express Inc.

Cannon Express Inc. announced on Oct. 14 that it had revenues of $18.8 million for the first quarter of its fiscal 2003, down 13 percent from $21.7 during 2002’s comparable period.

Cannon posted was a net loss of $3.1 million, a 35 percent decline from $2 million a year ago. And earnings per share were a 98-cent loss, down from a 64-cent loss during 2002’s first frame.

The company’s revenue equipment continued to be underutilized due to a combination of weak freight demand and a shortage of qualified drivers, the company said.

Cannon’s plans call for a fleet reduction of about 200 trucks and 315 trailers in an effort to increase utilization and profitability. The Springdale carrier’s logistics division already has been canceled.

Cannon retained the services of CFOex, a transportation management consulting firm, on Aug. 19. CFOex said in a news release that it is implementing a plan designed to reduce the company’s expenses and to increase its revenue per mile.