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Cannon Express Inc.


Net Income Soars 76 Percent

SPRINGDALE -- Cannon Express Inc.'s revenues for the fiscal year that ended June 30 were up 43 percent to $27,017,128, compared with $18,930,380 in fiscal 1990.

Net income was up 76 percent to $2,015,604, $1.20 a share, compared with $1,142,837, 68 cents a share, the previous year.

Fourth-quarter revenues were up 21 percent to $7,068,617, compared with $5,823,542 in 1990.

Fourth-quarter net income was up 25 percent to $551,891,32 cents a share, compared with $442,631, 25 cents a share, in 1990.

Year-to-year comparisons of revenues and net income were higher due to the revenue produced by additional trucks and trailers added during fiscal 1991. The company is continuing to increase the size of its fleet as part of management's long-term growth plan.

Cannon has agreed to purchase 180 new trucks and 100 new trailers, of which 85 tractors and the 100 trailers are net additions to the fleet. The remaining 95 tractors are replacements for older units that are being upgraded.

The company's fleet size prior to the units being added is 288 tractors and 359 trailers. The new fleet totals will be 373 tractors and 459 trailers by December 1991.

Management believes adequate financing will be available to purchase the equipment, either through long-term borrowings, cash or lease arrangements.

Company officials forecast additional business from the current customer base and Cannon's ability to attract new customers.

Contact: Dean Cannon, Cannon Express Inc., P.O. Box 364, Springdale, 72765, 751-9209.
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Title Annotation:Public company coporate reports
Publication:Arkansas Business
Article Type:company profile
Date:Aug 12, 1991
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