P.A.M. 1Q Net Income Increases by $1M

P.A.M. Transportation Services Inc. of Tontitown on April 16 said first-quarter net income and earnings per share have increased since the same time last year.

The truckload dry van carrier said net income was $3.6 million, or 40 cents per diluted and basic earnings per share, compared with $2.6 million, or 31 cents per diluted and basic earnings per share.

P.A.M. also said that revenues for the first quarter of 2002 increased 8.4 percent to $63.3 million, compared with $58.4 million in the same quarter of 2001.

Robert Weaver, company president, called the quarter one the “most eventful” in the history of the company.

“Business has continued to remain strong and allowed us to report strong earnings for the quarter,” Weaver said in a news release. “The successful completion of a stock offering during the quarter has had a significant positive impact on our balance sheet as we used net proceeds to repay a portion of our outstanding indebtedness. We are both pleased and proud of our position in the industry.”