Cannon Express Loses $2.4 Million in 3Q

Cannon Express Inc. of Springdale reported a net loss of $2.4 million for its fiscal third quarter, which ended March 31. The loss was 198 percent greater than the loss of $795,777 for the comparable quarter of 2001.

It was the eighth-consecutive quarter in which the trucking company reported a net loss. The loss amounted to 74 cents per share, compared to a loss of 25 cents per share in the comparable quarter of last year.

On May 10, a judge in Dublin, Ga., threw out kidnapping and aggravated assault charges against a truck driver for Cannon Express after it had been determined that the alleged victim had given a fake name, fake age and may even have faked her injuries.

Magistrate Judge Tommy Bobbitt said no probable cause existed for those charges against Shannon E. Jones, 26, of Delhi, N.Y., but Jones still faces one charge of simple assault, a misdemeanor.