Cannon, Smithway Report Losses
The trucking companies Cannon Express and Smithway Motor Express have released their financials, both showing a loss for the most recent quarters
The trucking companies Cannon Express and Smithway Motor Express have released their financials, both showing a loss for the most recent quarters.
Cannon Express, Springdale, Ark., had second fiscal quarter 2002 revenues of $19.77 million compared to $20.46 million the year before. The company posted a net loss for the quarter of $2.51 million, compared to a net loss of $1.25 million a year previously.
The company says revenue and operating results were impacted by reduced demand for their services during the quarter. The volume of business the company was accustomed to from its customers was lower and the opportunities for business from new customers were fewer due, they say, to the weaker economy and the lower number of shipments by manufacturers.
The company says it is implementing a plan which management believes will significantly improve its operating efficiencies over the next few months, including hiring an outside consultant.
Smithway Motor Xpress, Fort Dodge, Iowa, saw operating revenue for fourth quarter 2001 fall 8.1% to $43.1 million from $46.9 million during the same quarter in 2000. Net loss was $2.3 million compared with net loss of $2.3 million during the 2000 quarter.
For the year, operating revenue fell 4% to $190.8 million during the 2001 period from $199 million during the 2000 period. Net loss was $5.2 million compared with net loss of $2 million during the 2000 period.
The results for the quarter included pretax adjustments of approximately $1.1 million, including $707,000 to write off system software and $332,000 to increase the reserve for bad debts primarily as a result of steel industry bankruptcies.
Before these adjustments, Smithway recorded a net loss of $1.7 million for the quarter and $4.6 million for the year.
The main contributors to the loss before adjustments were decreased revenue production of the tractor fleet, higher insurance premiums, and increased parts and maintenance expense. The fourth quarter of 2000 included $1.8 million in pretax adjustments relating to equipment values and bad debts.
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