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CANNON EXPRESS INC. ANNOUNCES RESULTS FOR THE THIRD FISCAL QUARTER AND THE NINE MONTHS PERIOD OF FISCAL 1993

 SPRINGDALE, Ark., April 27 /PRNewswire/ -- Dean Cannon, chairman of the board of Cannon Express Inc. (NASDAQ: CANXA), announced the results of it's third fiscal quarter and the nine months period of fiscal 1993 ended March 31, 1993.
 Third fiscal quarter 1993 revenues: $11,141,191 up $2,913,801 or 35 percent vs. $8,227,390 in third fiscal quarter of 1992.
 Net income third fiscal quarter 1993: $421,582 vs. $468,907 or $0.10 per share vs. $0.11 per share.
 Nine months revenues fiscal 1993 increased to $30,929,808 up $7,657,978 or 33 percent vs. $23,271,830 in the nine months period of fiscal 1992.
 Nine months fiscal 1993 net income $1,392,927 vs. $1,398,874 or $0.32 per share vs. $0.33 per share.
 Gains in security sales, third fiscal quarter 1993 were $6,712 vs. $110,320 for third fiscal quarter 1992.
 Gains in security sales, nine months period of fiscal 1993 were $92,612 vs. $284,359 for nine months period of fiscal 1992.
 Operating expenses increased during the third fiscal quarter due to weather conditions which were especially severe in the company's primary traffic lanes. Many of the company's trucks were unable to make scheduled pickups and deliveries, further, increased idling time in third fiscal quarter 1993 was a proximate cause of a decrease in fleet miles per gallon of approximately 3.6 percent vs. the comparable quarter of fiscal 1992. Further the company experienced a five percent increase in the cost of fuel during third fiscal quarter 1993 vs. third fiscal quarter 1992.
 The company is continuing it's growth and has taken delivery of 150 new trucks in the current fiscal year, with an additional 50 on order that are expected to be delivered by June 30, 1993. Of these trucks, 45 were replacements for 1988 models which were traded in during the second fiscal quarter of 1993. The fleet size at March 31, 1993 was 469 trucks. The company has taken delivery of 150 trailers during fiscal 1993, bringing the total trailer fleet to 664 at March 31, 1993. An additional 108 trailers have been ordered with delivery expected during the fourth quarter of fiscal 1993. At June 30, 1993 it is anticipated the company's fleet will number 519 trucks and 772 trailers.
 -0- 4/27/93
 /CONTACT: Dean Cannon, chairman of Cannon Express Inc., 501-751-9209/
 (CANXA)


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

LD -- NY009 -- 1165 04/27/93 09:02 EDT
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Publication:PR Newswire
Date:Apr 27, 1993
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