CANNON EXPRESS REPORTS RESULTS
CANNON EXPRESS REPORTS RESULTS SPRINGDALE, Ark., Oct. 28 /PRNewswire/ -- Cannon Express Inc.
(NASDAQ: CANX) Chairman of the Board Dean Cannon announced the results of the company's first fiscal quarter of fiscal 1993 ended Sept. 30, 1992.
For the first fiscal quarter 1993, revenues were $9,880,625, up $2,405,040 or 32 percent vs. $7,475,585 in the first fiscal quarter of 1992. The first fiscal quarter net income was $549,723 vs. $481,292 in the prior year's first fiscal quarter, up 14 percent. The first fiscal quarter 1993 per share income was 26 cents vs. 22 cents in the first fiscal quarter 1992, up 18 percent. Operating income for the first fiscal quarter of 1993 was $1,215,170, up $164,764 or 16 percent compared to $1,050,406 in the first fiscal quarter 1992. The gain on marketable securities transactions in the first fiscal quarter 1993 was $33,278 vs. $119,797 in fiscal 1992. The company is continuing its growth and has ordered an additional 200 trucks, 125 of which are expected to be delivered to the company by Dec. 31. Of these 125 trucks, 45 will be replacements for 1988 models which are being traded in. The fleet size at Dec. 31 will be approximately 445 tractors. The remaining 75 trucks are expected to be delivered to the company in April 1993. The company expects to take delivery of an additional 250 trailers during fiscal 1993, approximately 200 of which will be delivered to the company by Dec. 31. These additions, when complete, will bring the company's fleet size to 520 trucks and 762 trailers in fiscal 1993, compared to 370 trucks and 512 trailers in fiscal 1992. The company has just been informed today of its inclusion in the Forbes Best 200 Small Companies for the second year in a row, with a ranking of number 88 vs. number 106 a year ago. -0- 10/28/92 /CONTACT: Dean Cannon, chairman of Cannon Express, 501-751-9209/ (CANX) CO: Cannon Express Inc. ST: Arkansas IN: TRN SU: ERN
BN-BR -- AT006 -- 5930 10/28/92 11:15 EST
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|Date:||Oct 28, 1992|
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