Printer Friendly


 SPRINGDALE, Ark., Aug. 30 /PRNewswire/ -- Cannon Express, Inc. (NASDAQ: CANXA CANXB) Chairman of the Board Dean Cannon announced the results of the company's fourth fiscal quarter and the 12 months of fiscal 1993 ended June 30.
 Revenues for the fourth fiscal quarter in 1993 were $12,326,686 vs. revenues of $10,039,515 in the fourth fiscal quarter of 1992.
 Net income in the fourth fiscal quarter of 1993 was $634,834, or 15 cents per share, vs. net income of $673,690 or 15 cents per share in the fourth fiscal quarter of 1992.
 Revenues for the 12 months of fiscal 1993 were $43,256,494 vs. revenues of $33,311,345 for the comparable 12-month period of fiscal 1992.
 Net income for the 12 months of fiscal 1993 was $2,027,761 or 47 cents per share vs. net income for the 12 months of 1992 of $2,072,564, also 47 cents per share.
 The company is continuing its growth, taking delivery of 200 trucks during fiscal 1993, 155 of which were additions to the fleet with 45 older trucks traded in. These additions bring the total truck fleet to 520 at June 30. A further 258 trailers were added to the company's fleet, increasing that total to 769 at June 30.
 Due to the timing of the new truck deliveries and the time required to hire qualified drivers for the new equipment, the company incurred significantly higher rents, salaries, depreciation and interest expense for approximately the last five months of fiscal 1993 before sufficient revenues began to be generated by the new trucks and trailers to offset those expenses. Since June 30, the company has significantly reduced the disproportionate expenses associated with the idle equipment by the hiring of personnel for those units. Demand for the company's services continues to be strong and management believes the company can rely on additional business from current customers as well as revenues from new customers to service the increased expenses associated with this expansion of the company's fleet.
 -0- 8/30/93
 /CONTACT: Dean Cannon, chairman of Cannon Express, 501-751-9209/

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

BN-BR -- AT002 -- 6939 08/30/93 08:52 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 30, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters