P.A.M. Transportation posts 2010 loss

The fourth quarter wasn’t kind to P.A.M. Transportation’s 2010.

Tontitown-based P.A.M. posted a $1.1 million quarterly loss, which drove the trucking company to a full year loss of $654,000.

One year ago, however, P.A.M. suffered a $3.9 million fourth quarter loss as it skid to a $10.8 million full year loss.

Fourth quarter revenues slipped 3.3% to $78.2 million in the fourth quarter compared to a year ago. For the year, P.A.M.’s revenues rose 13.7% to $331.99 million.

"The fourth quarter, like our third quarter, was met with mixed emotions," said P.A.M. President Daniel H. Cushman in a statement. "While we are pleased that financial results for each quarter in 2010 improved over the same quarter in 2009 and that we have dramatically reduced the 2010 loss as compared to that experienced in 2009, several factors contributed to a loss of momentum in the third and fourth quarters."

P.A.M. isn’t the only Arkansas-based trucking operation to still suffer the effects of a freight recession that began in late 2006.

Van Buren-based USA Truck reported Jan. 27 a 2010 net income loss of $3.308 million, an improvement compared to a 2009 net income loss of $7.177 million. Total revenue in 2010 was $460.161 million, up 20.3% compared to 2009.

On Feb. 3, Fort Smith-based Arkansas Best Corp. posted a 2010 net loss of $32.421 million, an improvement compared to a $127.522 million net loss in 2009. The 2009 income loss included a non-cash accounting charge of $64 million for the impairment of goodwill. Total revenue in 2010 was $1.657 billion, a 12.55% gain over 2009 revenue of $1.472 billion, but still less than the $1.833 billion total revenue in 2008.

Cushman said P.A.M. walked away from "some undesirable freight" as it worked to improve its freight mix. He said efforts to diversify the company’s customer base was working, but taking longer than expected.

"Several of the customers that are currently small in terms of revenue have significant growth potential. Next year, our growth with these existing customers will be as important, if not more important, than development of additional ‘new’ new business," Cushman said.

He also touted growth in P.A.M.’s Mexico operations, which have grown by 35% in the past year.

Cushman said negatives hurting the company’s bottom line in the fourth quarter included higher driver pay, rapidly escalating fuel prices and uncooperative weather conditions.

P.A.M. shares (NASDAQ: PTSI) closed Tuesday at $11.39. During the past 52 weeks, the share price has ranged from an $18.50 low to a $9.25 low.