CANNON EXPRESS REPORTS RESULTS
CANNON EXPRESS REPORTS RESULTS SPRINGDALE, Ark., Aug. 5 /PRNewswire/ -- Cannon Express Inc.
(NASDAQ: CANX) Chairman of the Board Dean Cannon today announced the results of the company's fourth fiscal quarter and the 12 months of fiscal 1992 ended June 30.
For the fourth fiscal quarter 1992, revenues were $10,039,515 vs. $7,068,617 in the fourth fiscal quarter of 1991. The fourth fiscal quarter net income was $673,690, up 22 percent, or 31 cents per share, vs. $551,891 or 26 cents per share in the fourth fiscal quarter of 1991. The fourth fiscal quarter 1992 had 2,193,916 shares outstanding vs. the fourth fiscal quarter 1991's 2,134,080 shares outstanding. The 12-month revenues for fiscal 1992 were $33,311,345 vs. $27,017,128 for the comparable 12-month period of fiscal 1991. Net income for the 12 months of fiscal 1992 was $2,072,564, or 94 cents per share, vs. $2,015,604, or 96 cents per share, for the 12 months of fiscal 1991. In fiscal 1992 there were 2,206,248 shares outstanding; in fiscal 1991 there were 2,105,883 shares outstanding. Operating income for the 12 months of fiscal 1992 was $4,458,754, up $924,664 or 26 percent, compared to $3,534,090 in fiscal 1991. The gain on marketable securities transactions in fiscal 1992 was $138,523 vs. $666,756 in fiscal 1991. In order to comply with the Emerging Issues Task Force of the Financial Accounting Standards Board consensus of January 1992, the company now recognizes revenue and related expense upon delivery of freight. The cumulative effect of this change at July 1, 1991, resulted in a one-time charge to earnings of $99,186 (5 cents per share) in the first quarter of fiscal 1992. This change will have no effect on cash flow. Previously, as was common in the industry, the company recognized revenue when freight was loaded and expenses as incurred. The company is continuing its growth and has ordered an additional 200 trucks, 150 of which are expected to be delivered to the company by Dec. 31, 1992. The remaining 50 trucks are anticipated to be delivered to the company in April 1993. The company is replacing 46 of its 1988 model trucks with new 1993 models and is adding 200 new trailers to the fleet. These additions will bring the company's fleet size to 520 trucks and 712 trailers in fiscal 1993 compared to 370 trucks and 512 trailers in fiscal 1992. The demand for the company's services has continued to be strong; therefore management believes the company can rely on additional business from its current customers as well as revenues from its new customers to service the increased expenses associated with the expansion of the company's fleet. -0- 8/5/92 /CONTACT: Dean Cannon, chairman of Cannon Express, 501-751-9209/ (CANX) CO: Cannon Express Inc. ST: Arkansas IN: TRN SU: ERN
BN-BR -- AT002 -- 6963 08/05/92 09:26 EDT
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|Date:||Aug 5, 1992|
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