P.a.m. Transportation Posts $1.7 Million Net Loss

P.A.M. Transportation Services, Inc. reported a net loss of $1,704,894, or $0.19 per diluted share, for the third quarter. The Tontitown-based trucking firm posted a $491,000 quarterly loss one year ago, or $0.05 per diluted share.

Revenue was up, however, to $88.94 million, 2.6% higher than last year’s third quarter income of $86.71 million.

P.A.M. Transportation President Daniel H. Cushman expressed disappointment in the results.

"Our quarterly earnings release is never going to be acceptable until we are able to consistently report a profit, and then we will push to improve earnings each period. Obviously, we are not there yet," he said.

"I would like to preface the discussion regarding our quarter by pointing out two items that affect the comparability of the quarter ended September 30, 2011 versus 2010. The first involves the unfavorable settlement in August 2011 of a worker’s compensation claim related to an accident that occurred in January 2004 for approximately $1.0 million more than anticipated. The second was the sale of East Coast Transport & Logistics in September 2010 and the resulting gain on sale recorded in that quarter of approximately $.5 million. These two items affected the comparability of the quarters by approximately $1.5 million," Cushman said.