Cannon Express, Springdale, Ark., Chief Executive Officer Bruce W. Jones this week announced the results of its 4th fiscal quarter and the 12 months of fiscal 2002 ended June 30, 2002.

Fourth fiscal quarter 2002 revenue was $19,048,916 compared to $21,869,351 during the same period a year ago. Fourth fiscal quarter net loss was $5,253,894 compared to $4,186,084 reported a year earlier.
For the most recent 12 months revenue dropped to $79,077,131 from $85,795,395 in the comparable 12 months of fiscal 2001. Twelve months fiscal 2002 net loss widened to $12,204,505 from $7,303,442 in the comparable twelve months of Fiscal 2001.
The company says its revenue and net income declined due to a shortage of qualified drivers to operate its trucks during the quarter and the year ending June 30, 2002, and to a soft market for the company's services.
The company is currently implementing a plan, which management believes will significantly improve its operating efficiencies over the next fiscal year. The company has retained the services of CFOex, a transportation management consulting firm, having significant experience in the transportation industry, to improve its financial position. CFOex, as of Aug. 19, 2002 assumed responsibility for the operation of the company. CFOex is currently implementing a plan designed to reduce the company's expenses, increase utilization of equipment, and to increase its revenue per mile. The company is negotiating with its lenders and key vendors to extend the terms of certain obligations in order to improve the company's financial position in the near term and has identified cost-cutting measures to eliminate unnecessary overhead.