Two of the nation’s publicly held trucking companies reported losses in financial statements released on Wednesday.
Cannon Express, Springdale, Ark., announced the results of its first fiscal quarter of 2002 ended Sept. 30.
Revenue was $21.73 million, compared to $22.62 million the same quarter a year ago. Net loss was $2.1 million, compared to a loss of $1.1 million last year.
The company said it was affected by weaker demand for its services during the quarter in certain areas of the country. A shortage of qualified drivers was another factor. Cannon says it has added three outside salespeople to its force, and expects to see improvement in freight sales.
The company also has installed a load optimization program, which is already showing positive results.
The Morgan Group, Elkhart, Ind., parent company of Morgan Drive Away, reported financial results for the third quarter ending Sept. 30.
Morgan says it was able to post significant improvement in EBITDA (earnings before interest, taxes, depreciation and amortization) for the first nine months of 2001, despite a drop in September revenues related to the Sept. 11 terrorist attacks and continued weakness in the manufactured housing sector.
For third-quarter 2001, revenues were down 13 percent to $24.8 million versus the $28.6 million reported in the year-ago quarter. Morgan reported revenue improvements of 51 percent in the towaway division and 26 percent in the pickup division. These increases were offset by a 27 percent decline in revenue from the manufactured housing division.
Morgan Group reported a net loss of $259,000 for third-quarter 2001 compared with net income of $75,000 for the same quarter last year.
Morgan also reported that effective October 1, 2001, they would no longer be the primary carrier for Oakwood Homes Corp. In past years, Oakwood was Morgan's largest customer, generating revenues in excess of $25 million for the company's manufactured housing division. However, Morgan has obtained significant new contracts with New Flyer Industries, Monaco Coach, Union Pacific, Wabash Trailers and others.
Cannon Express, Springdale, Ark., announced the results of its first fiscal quarter of 2002 ended Sept. 30.
Revenue was $21.73 million, compared to $22.62 million the same quarter a year ago. Net loss was $2.1 million, compared to a loss of $1.1 million last year.
The company said it was affected by weaker demand for its services during the quarter in certain areas of the country. A shortage of qualified drivers was another factor. Cannon says it has added three outside salespeople to its force, and expects to see improvement in freight sales.
The company also has installed a load optimization program, which is already showing positive results.
The Morgan Group, Elkhart, Ind., parent company of Morgan Drive Away, reported financial results for the third quarter ending Sept. 30.
Morgan says it was able to post significant improvement in EBITDA (earnings before interest, taxes, depreciation and amortization) for the first nine months of 2001, despite a drop in September revenues related to the Sept. 11 terrorist attacks and continued weakness in the manufactured housing sector.
For third-quarter 2001, revenues were down 13 percent to $24.8 million versus the $28.6 million reported in the year-ago quarter. Morgan reported revenue improvements of 51 percent in the towaway division and 26 percent in the pickup division. These increases were offset by a 27 percent decline in revenue from the manufactured housing division.
Morgan Group reported a net loss of $259,000 for third-quarter 2001 compared with net income of $75,000 for the same quarter last year.
Morgan also reported that effective October 1, 2001, they would no longer be the primary carrier for Oakwood Homes Corp. In past years, Oakwood was Morgan's largest customer, generating revenues in excess of $25 million for the company's manufactured housing division. However, Morgan has obtained significant new contracts with New Flyer Industries, Monaco Coach, Union Pacific, Wabash Trailers and others.
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