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Cannon Express.

CANNON EXPRESS

Announces Third Quarter Results

SPRINGDALE, AR, April 23, 1991 -- Cannon Express (NASDAQ CANX) today announced the results of its 3rd fiscal quarter and nine months of 1991 ended March 31, 1991. * Third quarter revenues, $6,799,554 vs. $4,920,547, up 38 percent. * Net income $527,664 vs. $248,534, up 112 percent. * Net income per share 32 cents vs. 15 cents. * Nine months revenues $19,948,511 vs. $13,106,838, up 52 percent. * Net income $1,463,698 vs. $720,206, up 103 percent. * Net income per share 88 cents vs. 43 cents.

The company is negotiating to purchase 80 new tractors and 100 trailers to be put into service during the next six months. Currently, the company operates 288 tractors and 359 trailers. The additional new tractors and trailers will bring the fleet size to 368 and 459 respectively. Increasing demand for the company's services, both from existing and new customers, dictate the need for the additional revenue producing equipment.

The company's other income (pre-tax) has increased to $384,623 for the third quarter vs. $102,282 for the comparable quarter of fiscal 1990, which is attributable to $321,959 in gains from the sale of marketable securities recognized in the quarter ended March 31, 1991. For the nine months ended March 31, 1991, other income has increased to $833,664 from $250,157 due to gains on sales of marketable securities.

The company's revenue and net income for nine months has exceeded fiscal 1990s entire year's revenue and net income by $1,018,181 and 20 cents per share respectively. On Monday, April 19, 1991, The Wall Street Journal's estimates of net income for the quarter ended March 31, 1991, has proved to be conservative, 30 cents est. vs. 32 cents actual for the quarter and 86 cents est. vs. 88 cents actual for the nine months.

Contact: Dean Cannon, Chairman, Cannon Express Inc., P.O. Box 364, Springdale, Ark., 72765, (501) 751-9209.
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Title Annotation:Public Company Corporate Reports
Publication:Arkansas Business
Date:May 6, 1991
Words:330
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