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CANNON EXPRESS REPORTS RESULTS

SPRINGDALE, Ark., Aug. 9 /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 twelve months of fiscal 1995 ended June 30, 1995.

Fourth fiscal quarter 1995 revenue was $20,531,818 versus $15,766,845 in the fourth fiscal quarter of 1994, up $4,764,973 or 30%.

Fourth fiscal quarter 1995 income before cumulative effects of a change in accounting principle was $1,086,806 versus $715,975 in the fourth fiscal quarter of 1994, up $370,831 or 52%.

Fourth fiscal net income was $1,086,806 versus $1,142,219 in the fourth fiscal quarter of 1994.

Fourth fiscal quarter 1995 per share was 24 cents versus 26 cents per share in the fourth fiscal quarter of 1994. Net income in the fourth fiscal quarter 1994 included $426,244 or 10 cents per share earnings due to the cumulative effects of a change in accounting principle required by the adoption of FAS Statement No. 115.

Twelve months fiscal 1995 revenue was $79,030,217 versus $59,177,254 in the comparable 12 months of fiscal 1994, representing an increase of $19,852,963 or 34%.

Twelve months fiscal 1995 income before cumulative effects of a change in accounting principle was $6,016,142 versus $3,807,923 in fourth fiscal quarter of 1994, up $2,208,219 or 58%.

Twelve months fiscal 1995 net income was $6,016,142 versus $4,234,167 in the comparable twelve months of fiscal 1994, up $1,781,975 or 42%.

Twelve months fiscal 1995 per share was $1.35 versus 96 cents per share in the comparable twelve months of fiscal 1994. Net income in fiscal 1994 included $426,244 or 10 cents per share earnings due to the cumulative effects of a change in accounting principle required by the adoption of FAS Statement No. 115.

The company continued to grow during fiscal 1995 by purchasing 350 new trucks during the fiscal year, 195 of which were additions to the fleet. One hundred fifty five older trucks were traded in or sold during the same period, bringing the total truck count to 712 at June 30, 1995. The company increased its trailer fleet to 1,598 at June 30, 1995 from 962 at June 30, 1994.

The company expects to add approximately 150 trucks and 245 trailers to its fleet before January of 1996.
 -0- 8/9/95


/CONTACT: Dean Cannon, Chairman, Cannon Express, 501-751-9209/

(CANX)

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

BR-SD -- AT003 -- 2990 08/09/95 09:07 EDT
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Publication:PR Newswire
Date:Aug 9, 1995
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