SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
( X )QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2000
( )TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO
Commission File No. 0-16386
CANNON EXPRESS, INC.
(Exact name of registrant as specified in its charter)
Delaware 71-0650141
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1457 Robinson
P.O. Box 364
Springdale, Arkansas 72765
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (501) 751-9209
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
Number of shares of $.01 par value common stock outstanding at
February 2, 2001: 3,205,276
INDEX
CANNON EXPRESS, INC. and SUBSIDIARIES
PART 1 -- FINANCIAL INFORMATION
ITEM 1 -- Financial Statements (Unaudited)
Consolidated Balance Sheets
as of December 31, 2000 and June 30, 2000................................1
Consolidated Statements of Operations and Retained Earnings
for the Three Months and Six Months Ended December 31, 2000 and 1999......3
Consolidated Statements of Cash Flows
for the Six Months Ended December 31, 2000 and 1999.......................4
Notes to Consolidated Financial Statements..................................5
ITEM 2 -- Management's Discussion and Analysis of Financial
Condition and Results of Operations.......................................6
PART II -- OTHER INFORMATION
ITEM 1 -- Legal Proceedings ...............................................10
ITEM 2 -- Changes in Securities.............................................*
ITEM 3 -- Defaults Upon Senior Securities...................................*
ITEM 4 -- Submission of Matters to a Vote of Security-Holders...............*
ITEM 5 -- Other Information.................................................*
ITEM 6 -- Exhibits and Reports on Form 8-K.................................10
*No information submitted under this caption.
PART 1.
ITEM 1. Financial Statements (Unaudited)
Cannon Express, Inc. and Subsidiaries
Consolidated Balance Sheets
December 31 June 30
2000 2000
(Unaudited) (Note)
Assets
Current assets:
Cash and cash equivalents $ 6,562,614 $ 8,351,582
Receivables, net of allowance for doubtful accounts
(December 31, 2000-$298,046; June 30, 2000-$267,405):
Trade 9,733,514 11,987,372
Other 6,081 1,837,256
Current portion of net investment
in sales-type leases 3,911,700 6,575,400
Prepaid expenses and supplies 1,929,674 1,623,267
Deferred income taxes - 4,919,000
Total current assets 22,143,583 35,293,877
Property and equipment:
Land, buildings and improvements 1,368,273 1,257,335
Revenue equipment 81,016,583 75,340,802
Service, office and other equipment 2,936,402 2,932,135
85,321,258 79,530,272
Less allowances for depreciation 28,652,271 24,460,235
56,668,987 55,070,037
Other assets:
Receivable from stockholders 23,406 23,406
Restricted cash 2,414,405 2,406,916
Marketable securities 342,550 346,970
Net investment in sales-type leases,
less current portion 5,139,495 10,636,780
Other 111,182 111,182
Total other assets 8,031,038 13,525,254
$86,843,608 $103,889,168
Note: The balance sheet at June 30, 2000 has been derived from the audited
consolidated balance sheet at that date but it does not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements.
See notes to consolidated financial statements.
Cannon Express, Inc. and Subsidiaries
Consolidated Balance Sheets (Continued)
December 31 June 30
2000 2000
(Unaudited) (Note)
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable $ 1,204,897 $ 1,529,639
Accrued expenses:
Insurance reserves 3,930,965 3,666,103
Other 2,061,432 1,865,089
Federal and state income taxes payable - 1,414,652
Current portion of long-term debt 11,646,348 13,098,351
Deferred income taxes 72,000 -
Total current liabilities 18,915,642 21,573,834
Long-term debt, less current portion 50,725,484 56,648,009
Deferred income taxes 709,907 6,849,000
Other liabilities 5,013 12,531
Stockholders' equity:
Common stock: $.01 par value; authorized
10,000,000 shares; issued 3,265,401 shares 32,654 32,654
Additional paid-in capital 3,747,575 3,747,575
Retained earnings 12,908,550 15,230,131
Unrealized depreciation on marketable
securities, net of income taxes (953) (4,302)
16,687,826 19,006,058
Less treasury stock, at cost (60,125 shares) 200,264 200,264
16,487,562 18,805,794
$86,843,608 $103,889,168
Note: The balance sheet at June 30, 2000 has been derived from the audited
consolidated balance sheet at that date but it does not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements.
See notes to consolidated financial statements.
Cannon Express, Inc. and Subsidiaries
Consolidated Statements of Operations and Retained Earnings
Three Months Ended Six Months Ended
December 31 December 31
2000 1999 2000 1999
(Unaudited) (Unaudited)
Operating revenue $20,460,341 $21,290,792 $43,075,805 $44,206,225
Operating expenses and costs:
Salaries, wages and
fringe benefits 5,892,961 6,245,036 11,794,321 13,542,986
Rents and purchased
transportation 6,278,826 6,776,925 14,324,899 11,578,737
Operating supplies and exp. 4,850,342 4,878,073 9,676,380 10,913,324
Taxes and licenses 907,077 1,014,838 1,739,532 2,140,407
Insurance & claims 1,184,385 1,269,907 2,062,253 2,759,861
Depreciation and amortization 2,378,044 774,500 4,705,889 1,521,986
Other 521,438 768,137 1,355,688 1,501,131
22,013,073 21,727,416 45,658,962 43,958,432
Operating income (loss) (1,552,732) (436,624) (2,583,157) 247,793
Other income(expense)
Interest expense (1,229,753) (843,903) (2,505,745) (1,495,372)
Other income 118,242 76,526 223,321 182,681
(1,111,511) (767,377) (2,282,424) (1,312,691)
Loss before income taxes (2,664,243) (1,204,001) (4,865,581) (1,064,898)
Federal and state income taxes
Current (383,500) 277,000 (767,000) 163,000
Deferred (1,026,000) (1,155,000) (1,777,000) (1,403,000)
(1,409,500) (878,000) (2,544,000) (1,240,000)
Net income (loss) (1,254,743) (326,001) (2,321,581) 175,102
Retained earnings at
beginning of period 14,163,293 15,210,733 15,230,131 14,709,630
Retained earnings at
end of period $12,908,550 $14,884,732 $12,908,550 $14,884,732
Basic earnings (loss) per share ($0.39) ($0.10) ($0.72) $0.05
Average shares outstanding 3,205,276 3,205,276 3,205,276 3,205,276
Diluted earnings (loss) per share ($0.39) ($0.10) ($0.72) $0.05
Diluted shares outstanding 3,205,276 3,205,276 3,205,276 3,209,069
See notes to consolidated financial statements.
Cannon Express, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Six Months Ended
December 31
2000 1999
(Unaudited)
Operating activities
Net income (loss) $ (2,321,581) $ 175,102
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization 4,835,034 3,974,200
Provision for losses on accounts receivable 30,000 30,000
Benefit for deferred income taxes (1,148,093) (1,436,000)
Gain on disposal of equipment (129,144) (2,450,013)
Loss on sale of marketable securities 5,104 -
Changes in operating assets and liabilities:
Accounts receivable 4,055,033 (1,091,188)
Prepaid expenses and supplies (306,407) (421,951)
Accounts payable, accrued expenses,
taxes payable, and other liabilities (1,280,287) (1,147,901)
Net investment in direct financing leases 1,913,500 2,268,200
Other assets - (25,020)
Net cash provided by (used in) operating activities 5,653,159 (124,571)
Investing activities
Purchases of property and equipment (364,487) (3,682,474)
Investment in outside driver training facility - (37,550)
Net increase in restricted cash (7,489) -
Proceeds from sale of marketable securities 4,762 -
Proceeds from equipment sales 299,614 12,612,140
Net cash provided by (used in) investing activities (67,600) 8,892,116
Financing activities
Proceeds from long-term borrowing 246,437 3,599,485
Principal payments on long-term debt and
capital lease obligations (7,620,964) (13,684,217)
Net cash used in financing activities (7,374,527) (10,084,732)
Decrease in cash and cash equivalents (1,788,968) (1,317,187)
Cash and cash equivalents at beginning of period 8,351,582 9,683,794
Cash and cash equivalents at end of period $ 6,562,614 $ 8,366,607
See notes to consolidated financial statements.
Notes to Consolidated Financial Statements (Unaudited)
Note A - Basis of Presentation
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10 - Q and
Article 10 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management,
all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. Operating results for
the three month and six month periods ended December 31, 2000 are not
necessarily indicative of the results that may be expected for the year ended
June 30, 2001. For further information, refer to the Company.s consolidated
financial statements and notes thereto included in its Form 10 - K for the
fiscal year ended June 30, 2000.
Note B - Net Income Per Share
Three Months Ended Six Months Ended
December 31 December 31
2000 1999 2000 1999
(Unaudited) (Unaudited)
Average shares outstanding 3,205,276 3,205,276 3,205,276 3,205,276
Net effect of dilutive stock options - - - 3,793
Diluted shares outstanding 3,205,276 3,205,276 3,205,276 3,209,069
Net income(loss) for the period ($1,254,743) ($326,001)($2,321,581) $175,102
Basic earnings (loss) per share ($.39) ($.10) ($.72) $.05
Diluted earnings (loss) per share ($.39) ($.10) ($.72) $.05
Note C - Legal Proceedings
The Company is a party to routine litigation incidental to its business,
primarily involving claims for personal injuries and property damage incurred
in the transportation of freight. Management believes that adverse results in
one or more of these cases would not have a material adverse effect on
profitability or financial position. Additionally, a decision has been
rendered against the Company by the Equal Employment Opportunity Commission
("EEOC") for unlawful hiring practices regarding pre-employment questions about
medical issues. The Company believed it was required by Department of
Transportation regulations to ask these questions. The Company is unable to
predict the range of any penalties which may be imposed, but accrued $250,000
in the quarter ended September 30, 2000 for potential penalties and associated
legal fees. The Company believes that settlement of this charge will not have
a material adverse effect on profitability or financial position of the Company.
Note D - Reclassification
Certain reclassifications have been made to the December 31, 1999 financial
statements to conform to the December 31, 2000 financial statement
presentation. These reclassifications had no effect on net income.
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Results of Operations -- Second Quarter
Operating revenue for the second quarter of fiscal 2001 (ended December 31,
2000) was $20,460,341 compared to $21,290,792 for the second quarter of
fiscal 2000, representing a decrease of $830,451 or 3.9% for the period.
Revenue per mile, including fuel surcharge, was $1.15 for the second quarter
of fiscal 2001 compared to $1.12 for the second quarter of fiscal 2000. At
December 31, 2000, the Company's fleet consisted of 779 trucks and 2,234
trailers, while on December 31, 1999, the Company's fleet consisted of 728
trucks and 2,165 trailers. Logistics and intermodal revenue for the second
quarter of fiscal 2001 decreased by $254,223 from $1,580,368 for the second
quarter of fiscal 2000 to $1,326,145 for the same period of fiscal 2001. The
Company's revenue continued to be negatively impacted by a shortage of
qualified drivers to operate its trucks during the second quarter of fiscal
2001.
Salaries, wages, and fringe benefits, made up primarily of drivers' wages,
decreased as a percentage of revenue to 28.6% in the second quarter of fiscal
2001 from 29.3% in the second quarter of fiscal 2000 due to the slightly
higher revenue per mile. Company drivers were awarded approximately $202,000
in annual safety bonuses for the three-month period ended December 31, 2000
as compared with $265,000 awarded during the three-month period ended
December 31, 1999.
Operating supplies and expenses, as a percentage of revenue, increased to
23.5% in the second quarter of fiscal 2001 from 22.9% in the comparable
period of fiscal 2000. Fuel costs for the second quarter of fiscal 2001
averaged 31 cents per gallon higher than in the comparable period of fiscal
2000. Operating taxes and licenses decreased to 4.4% of revenue in fiscal
2001 from 4.8% in fiscal 2000. Insurance and claims were 5.7% of revenue in
fiscal 2001, decreasing from 6.0% of revenue in fiscal 2000. Depreciation and
amortization increased to 11.5% of revenue in fiscal 2001 from 3.6% in the
same period of fiscal 2000. This increase was largely due to a smaller gain
on sale of equipment of $92,155 which was realized in the second quarter of
fiscal 2001 as compared to a gain of $1,137,700 in the second quarter of 2000
as gains are netted against depreciation and amortization. The remaining
increase is due to depreciation on new equipment. Rents and purchased
transportation decreased to 30.5% of revenue in fiscal 2001 from 31.8% in
fiscal 2000 primarily due to decreased logistics activities.
Operating revenue for the second quarter of 2001 decreased by 3.9% over the
comparable period of 2000, while operating expenses increased by $285,657 or
1.3%. Accordingly, the Company.s operating ratio increased to 107.6% in the
second fiscal quarter of 2001 from 102.1% in the same period of fiscal 2000.
Interest expense increased to 6.0% of revenue in the second quarter of fiscal
2001 from 4.0% recorded in the second quarter of fiscal 2000 due to the
increase in debt associated with the purchase of new equipment.
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations - Cont'd
Beginning in 1999 and continuing through 2000, the Company recognized a
previously unrealized tax benefit resulting from a sale/leaseback transaction
entered into during fiscal year 1995. The Company took a position on its 1995
and later tax returns, which the Company believed might be challenged by the
Internal Revenue Service (the Service). The Company initially did not recognize
any tax benefit for financial reporting purposes. The Company is currently
undergoing an audit by the Service for its fiscal 1997 tax period. Although
the service has not made a final determination with regard to the lease
transaction and its tax consequences, the Company believes that the Service
will ultimately determine that its previous tax deductions were appropriate
and the Company will then recognize all benefits accrued through the most
current reporting period. Consequently, the Company recognized a current
income tax credit of $383,500 during the quarter ended December 31, 2000.
Net loss for the second quarter of fiscal 2001 ended December 31, 2000 was
($1,254,743) ($.39 loss per share) compared to net loss of ($326,001) ($.10
loss per share) during the comparable period of fiscal 2000, a decrease of
$928,742 or 284.9% for the period.
Results of Operations - Six Month Period
Operating revenue for the first six months of fiscal 2001 ended December 31,
2000 was $43,075,805 compared to $44,206,225 for the comparable period of
fiscal 2000, representing a decrease of $1,130,420 or 2.6%. Revenue per
mile, including fuel surcharge, was $1.14 for the first six months of fiscal
2001 compared to $1.10 per mile for the same period of fiscal 2000.
Logistics and intermodal revenue for the six-month period of fiscal 2001
decreased by $767,209 over the comparable period in fiscal 2000. As in the
three-month period, a continued shortage of qualified drivers impaired the
Company's ability to produce revenue.
Salaries, wages, and fringe benefits decreased to 27.3% of revenue in the
six-month period of fiscal 2001 from the 30.6% reported in the six-month
period of fiscal 2000. This decrease was primarily due to the increase in
revenue per mile. Operating supplies and expenses decreased to 22.4% of
revenue in fiscal 2001 from 24.7% in fiscal 2000. Taxes and licenses
decreased to 4.0% of revenue during fiscal 2001 from 4.8% in fiscal 2000.
Insurance and claims were 4.8% of revenue in fiscal 2001, decreasing from
6.2% of revenue in fiscal 2000. Depreciation and amortization, as a
percentage of revenue, increased to 10.9% of revenue in fiscal 2001 from 3.4%
in the same period of fiscal 2000. This increase was largely due to a smaller
gain on sale of equipment of $129,144 which was realized in the six-month
period of fiscal 2001 as compared to a gain of $2,450,013 in the six-month
period of 2000 as gains are netted against depreciation and amortization. The
remaining increase is due to depreciation on new equipment. Rents and
purchased transportation increased to 33.1% of revenue in the first six
months of fiscal 2001 from 26.2% during the comparable period of fiscal 2000
due primarily to payments made to the Company's owner operators.
Operating revenue for the first six months of 2001 decreased by 2.6% over the
comparable period of 2000, while operating expenses increased by $1,700,530
or 3.9%. Accordingly, the Company's operating ratio increased to 106.0% for
the first six months of 2001 from 99.4% in the same period of fiscal 2000.
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations - Cont'd
Interest expense increased to 5.8% of revenue in the first six months of
fiscal 2001 from 3.4% recorded in the first six months of fiscal 2000.
Beginning in 1999 and continuing through 2000, the Company recognized a
previously unrealized tax benefit resulting from a sale/leaseback transaction
entered into during fiscal year 1995. The Company took a position on its 1995
and later tax returns, which the Company believed might be challenged by the
Internal Revenue Service (the Service). The Company initially did not recognize
any tax benefit for financial reporting purposes. The Company is currently
undergoing an audit by the Service for its fiscal 1997 tax period. Although
the service has not made a final determination with regard to the lease
transaction and its tax consequences, the Company believes that the Service
will ultimately determine that its previous tax deductions were appropriate
and the Company will then recognize all benefits accrued through the most
current reporting period. Consequently, the Company recognized a deferred
income tax credit of $767,000 during the six-month period ended December 31,
2000.
Net loss for the first six months of fiscal 2001 ended December 31, 2000 was
$2,321,581 ($.72 loss per share) compared to net income of $175,102 ($.05
earnings per diluted share) during the comparable period of fiscal 2000, a
decrease of $2,496,683 for the six-month period.
In July of 1999, the Company implemented a new program in which owner-
operators may qualify to lease/purchase a truck and be paid a percentage of
the Company's revenue to operate it under a contract with the Company to haul
freight for its customers. This program for owner/operators is intended to
provide benefits to the Company during the term of the lease approximately
equal to the current employee driver program. The program is an option for
drivers which the Company believes may improve driver retention. Since the
owner/operator is responsible for certain of the costs born by the company
for employee drivers, the Company's income statement will reflect a shift
between individual cost categories.
The Company's cost for owner/operators is reflected in the income statement
as part of "Rents and purchased transportation." The Company has incurred
a significant reduction in its costs for Salaries, wages and fringe benefits,
Operating supplies and expense, Operating taxes and licenses, and
Depreciation and amortization. The increase in costs for "Rents and
purchased transportation" approximately equals the decreases in the other
categories, therefore having no significant impact on profit margin.
The Company's lease program is structured in such a way that the
owner/operator may elect to purchase the equipment for its fair market value
at the end of the lease. Alternatively, the owner/operator may elect not to
purchase the equipment. In the event that an operator does not purchase the
equipment, the Company anticipates that it may realize a benefit at the end
of the lease term when trucks are sold as a result of a higher trade-in or
re-sale value due to better care and maintenance by the owner/operator.
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations - Cont'd
Fuel Cost and Availability
The Company, and the motor carrier industry as a whole, is dependent upon the
availability and cost of diesel fuel. For the second quarter of fiscal 2001,
the average cost per gallon of fuel was 31 cents per gallon higher than in
the same quarter of fiscal 2000. For the six month period ended December 31,
2000, the average cost per gallon was 37 cents higher than in the same period
of fiscal 1999. Historically, increases in fuel costs have been passed
through to the Company's customers, either in the form of fuel surcharges, or
if deemed permanent in nature, through increased rates. Although the Company
has currently implemented fuel surcharges for its customers, there is no
assurance that any future increases in fuel costs can be passed through to
the Company's customers. The current or further cost increases or shortages
of fuel could affect the Company's future profitability.
Liquidity and Capital Resources
The Company's primary sources of liquidity have been cash flows generated
from operations and proceeds from borrowings. The Company typically extends
credit to its customers, billing freight charges after delivery.
Accordingly, the ability of the Company to generate cash to satisfactorily
meet its ongoing cash needs is substantially dependent upon timely payment by
its customers.
Operating activities provided cash flows of $5.7 million for the first six
months of fiscal 2001 compared to $.1 million used during the same period of
fiscal 2000. Cash flows from operations in the first two quarters of fiscal
2001 were the result of $2.3 million net loss, $4.8 million in depreciation
offset by $.1 million from gain on sale of equipment, and $3.3 million
provided by other working capital assets and liabilities. Investing
activities used net cash of $.07 million during the first six months of
fiscal 2001 compared to $8.9 million net cash provided in the same period of
fiscal 2000. Financing activities used net cash of $7.4 million during the
first two quarters of fiscal 2001 compared to $10.1 million in fiscal 2000.
The Company's working capital decreased by $10.5 million to $3.2 million at
December 31, 2000 from $13.7 million at June 30, 2000. Historically, working
capital needs have been met from cash generated from operations. Management
believes that the Company's working capital is sufficient for its short-term
needs.
Like other truckload carriers, the Company experiences significant driver
turnover. The Company experienced a shortage of qualified drivers during the
quarter ended December 31, 2000. Management anticipates that competition for
qualified drivers will intensify. The Company seeks to attract drivers by
advertising job openings, encouraging referrals from existing employees and
providing a training program for applicants whose experience does not meet
the Company's minimum requirements, however, no assurance can be made that
the Company will not continue to experience a shortage of drivers in the
future.
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations - Cont'd
During the first six months of fiscal 2001, the Company has taken delivery of
4 new trucks, increasing its fleet to 779 at December 31, 2000 and converted
109 trucks from its lease fleet to its company fleet. Additionally, the
Company has sold 46 of its 48 foot trailers resulting in a gain of
approximately $129,000. The Company plans to convert the majority of its
trailer fleet to 53 foot trailers in the future in order to allow it to
compete for freight from the increasing number of customers who require 53
foot trailers for some or all of their shipments. The Company currently owns
and operates 1,092 of the 53 foot trailers and 1,142 of the 48 foot trailers.
Forward-Looking Statements
This report contains forward-looking statements that are based on assumptions
made by management from information currently available to management. These
statements address future plans, expectations and events or conditions
concerning various matters such as the results of the Company's sales efforts
as set forth in the discussion of results of operations, capital
expenditures, litigation and capital resources, and accounting matters.
Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, actual results could differ
materially from those currently reported.
ITEM 3. Quantitative and Qualitative Disclosure about Market Risk
The Company is exposed to cash flow and interest rate risk due to changes in
interest rates with respect to its long-term debt. See Note 2 to the
Consolidated Financial Statements in the Company's Annual Report for fiscal
year ended June 30, 2000 for details on the Company's long-term debt.
PART II OTHER INFORMATION
ITEM 1. Legal Proceedings
The Company is a party to routine litigation incidental to its business,
primarily involving claims for personal injuries and property damage incurred
in the transportation of freight. Management believes that adverse results in
one or more of these cases would not have a material adverse effect on
profitability or financial position. Additionally, a decision has been
rendered against the Company by the Equal Employment Opportunity Commission
("EEOC") for unlawful hiring practices regarding pre-employment questions
about medical issues. The Company believed it was required by Department of
Transportation regulations to ask these questions. The Company is unable to
predict the range of any penalties which may be imposed, but accrued $250,000
in the quarter ended September 30, 2000 for potential penalties and associated
legal fees. The Company believes that settlement of this charge will not have
a material adverse effect on profitability or financial position of the
Company.
ITEM 6. Exhibits and Reports on Form-8K
No reports on Form 8-K were filed during the three months ended December 31,
2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CANNON EXPRESS, INC.
(Registrant)
Date: February 14, 2001 /s/ Dean G. Cannon
President, Chairman of the Board,
Chief Executive Officer and Chief
Accounting Officer
Date: February 14, 2001 /s/ Rose Marie Cannon
Secretary, Treasurer and Director