PAM Swings to $880,907 Profit for Third Quarter
by October 24, 2012 4:56 pm 97 views
P.A.M. Transportation Services Inc. on Wednesday reported third-quarter net income of $880,907, or 10 cents per share, compared with a net loss of $1.7 million, or 19 cents per share, for third-quarter 2011.
In a press release, P.A.M. President Daniel H. Cushman noted a company “milestone”: The trucking company achieved both operating and net income in the historically challenging month of July, something, he said, the company hadn’t accomplished in a decade.
P.A.M., based in Tontitown, also reported net income of $2.5 million, or 29 cents per share, for the nine-month period ended Sept. 30, compared with a net loss of $3 million, or 33 cents per share, for the nine months ended Sept. 30, 2011.
Operating revenue, including revenue from fuel surcharges, was $94.5 million for third-quarter 2012, a 6.3 percent increase compared to operating revenue of $88.9 million for the third quarter of 2011.
Operating revenue, including fuel surcharges, for the nine months ended Sept. 30 was $284.9 million. This was a 5.6 percent increase over operating revenue of $269.9 million for the nine months ended Sept. 30, 2011.
“PAM extended the trend of year over year earnings growth during the third quarter 2012, despite significant hurdles faced during the quarter,” Cushman said.
“This quarter completes four consecutive quarters of positive earnings, with each month of 2012 contributing both operating and net income. Another milestone reached during the quarter was the achievement of operating and net income during the month of July, which we have not done in a decade – even in years like 2006 when we had an operating income of approximately $30 million for the year. These results further bolster our confidence in the continued refinement of our freight network and strategic expense control efforts.”
Cushman said P.A.M. had benefited from the diversification of its customer base.
“We continue to find new growth opportunities with customers that we did little or no business with prior to my arrival in July 2010, and to refine our freight network to attain a favorable mix of rate optimization and cost minimization,” he said.