Revenue Down, Income Up At Cannon
November 16, 1999
First fiscal quarter 2000 revenue at Cannon Express, Springdale, AR was down, but income rose. Operating revenue was $22.9 million, versus nearly $24.7 in the first fiscal quarter of 1999, while first quarter 2000 net income was more than $501,000, compared with nearly $62,000 in the first fiscal quarter of 1999.
The company continued to experience a shortage of qualified drivers during the quarter ended Sept. 30, 1999. The company is responding with a new program in which owner-operators may qualify to lease a truck and be paid a percentage of the company's revenue to operate it under a contract.