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CANNON EXPRESS REPORTS RESULTS

 SPRINGDALE, Ark., Feb. 5 /PRNewswire/ -- Cannon Express, Inc. (NASDAQ: CANXA CANXB) Chairman of the Board Dean Cannon today announced the results of the company's second fiscal quarter and six months ended Dec. 31, 1992.
 Net income comparisons have been adjusted to reflect the Jan. 26, 1993, dual class recapitalization in which an equal number of "B" non-voting shares were issued to go with each share of common stock owned on or before Jan. 26, 1993 -- the effect of a 2-for-1 split.
 For the second fiscal quarter of 1993 revenues were $9,907,992 compared to $7,530,184 in the second fiscal quarter of 1992. Net income for the second fiscal quarter of 1993 was $421,622 or $.10 per share compared to $465,379 or


$.11 per share for the second fiscal quarter of 1992.
 Revenues for the fiscal 1993 six months period increased to $19,788,617 vs. $15,043,995 for the six months period of 1992. For the six months ended Dec. 31, 1992, net income was $971,345 or $.22 per share, down from $1,062,327 or $.24 per share.
 Operating income for the second fiscal quarter of 1993 decreased $47,992 to $851,460 compared to $899,452 for the same period last year.
 The gains in security sales for the second fiscal quarter 1993 were $52,622 compared to $54,242 for the same period a year ago. For the six months period of fiscal 1993, gains in security sales were $85,900, down from $174,039 for the same period in 1992.
 The decrease in net income for the second quarter and six months period of fiscal 1993 is primarily attributable to lesser gains in marketable securities during the comparable periods and the costs associated with the expansion of the company's fleet of tractors and trailers during that period.
 The company continued its growth by adding 77 trucks to its fleet and expects an additional 80 trucks and 100 trailers by the end of June 1993. Also, the company has replaced 43 of its older model trucks with new 1993 models and has purchased 150 new trailers. These additions bring the company's current fleet size to 450 trucks and 619 trailers. This compares to 373 trucks and 469 trailers at the end of January 1992.
 The demand for Cannon Express services continues to be strong; therefore management believes the company can rely on additional business from its current customer base and revenue from new customers to service the increased expenses associated with the expansion of the company's fleet.
 -0- 2/5/93
 /CONTACT: Dean Cannon, chairman of Cannon Express, 501-751-9209/
 (CANX)


CO: Cannon Express, Inc. ST: Arkansas IN: TRN SU: ERN

RA-BN -- AT015 -- 3738 02/05/93 17:31 EST
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Publication:PR Newswire
Date:Feb 5, 1993
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