Bruce W. Jones, CEO of Cannon Express Inc., announced revenues for the 2nd quarter of 2003 were $16,430,539 compared to $19,774,737 in the 2nd fiscal quarter of 2002.

Net loss was $2,872,954 compared to a net loss of $2,513,793 in the 2nd fiscal quarter of 2002. Per share 2nd fiscal quarter 2003 was 90 cents loss compared to 78 cents loss in the 2nd fiscal quarter of 2002.
Revenues for the six months fiscal 2003 were $35,265,368 compared to $41,500,368 in the six months period of fiscal 2002. Net loss six months fiscal 2003 was $6,009,536 compared to $4,576,946 net loss in the six months period of fiscal 2002.
Per share six months fiscal 2003 was $1.87 loss per share compared to $1.43 loss per share in the six months period of fiscal 2002.
The company has retained the services of CFOex, a transportation management consulting firm, to improve its financial position. CFOex is implementing a plan designed to reconfigure the company's existing freight network, increase freight rates where justified, develop new shipper relationships in targeted traffic lanes, improve the effectiveness of its driver force, minimize over-the-road maintenance repairs, eliminate excess or idle equipment, and reduce certain fixed and variable costs.
During the second quarter, the company began implementation of a plan to decrease its fleet size by about 204 tractors and 324 trailers. Fifty-four trucks and 174 trailers were sold in the quarter with proceeds going toward equipment debt. The company expects to sell an additional 160 trucks and 150 trailers in the third quarter of fiscal 2003 with proceeds going to reduce debt.