CANNON EXPRESS INC.MANY IN THE MOTOR carrier industry have been harmed this year by rising diesel fuel costs. But Springdale-based Cannon Express Inc. spent less on fuel in the second quarter of fiscal 2000 than during the same period of fiscal 1999. However, Cannon Express has been adversely affected by a shortage of qualified drivers during fiscal 2000. The company downsized its fleet in an effort to boost operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. . For the second quarter of fiscal 2000, ended Dec. 31, 1999, Cannon Express's operating revenue was $21.2 million, or 11.6 percent less than for the same period of fiscal 1999. To address the problem of falling revenues, the company sold 120 of its trucks and 180 of its trailers. In addition, the company is replacing many of its 48foot trailers with 53-foot trailers in order to become more competitive for new customers. As of Dec. 31, 1999, the fleet consisted of 728 trucks and 2,165 trailers. Due in part to a smaller fleet and the company's implementation of a lease program for owner operators, driver wages paid by Cannon Express decreased as a percentage of revenue to 29,3 percent in the second quarter of fiscal 2000 from 39.4 percent in the second quarter of fiscal 1999. The new lease program for owner operators is expected to continue to improve the company's driver retention rate and overall operating results by passing certain costs, such as fuel costs, associated with truck ownership from the company to the owner-operator An owner-operator is a type of business owner, who typically works and runs their own business. An owner-operator will usually be responsible for day-to-day operations, such as inventory, finances, labor control, etc. . However, further fuel cost increases or fuel shortages could affect the company's future profitability. Cannon Express Inc. is an irregular HEIR, IRREGULAR. In Louisiana, irregular heirs are those who are neither testamentary nor legal, and who have been established by law to take the succession. See Civ. Code of Lo. art. 874. route truckload carrier Merrian-Webster online dictionary defines truckload as " a load or amount that fills or could fill a truck". A truckload carrier is a trucking company that generally contracts an entire trailer-load to a single customer. transporting a wide range of general commodities in the continental United States United States territory, including the adjacent territorial waters, located within North America between Canada and Mexico. Also called CONUS. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . The value of Cannon Express's stock has steadily decreased since the start of fiscal 1999. It reached a high of $8.38 per share in June June: see month. 1998 and stood at $2.88 by the end of fiscal 1999. The stock was valued at $2.50 per share at the end of second quarter of fiscal 2000. |
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