P.A.M. Transportation Ends Year with 4Q Loss
by February 7, 2013 9:38 am 63 views
P.A.M. Transportation Services Inc. pinned its fourth-quarter loss on week freight demand in the last 10 days of 2012.
Daniel Cushman, president and CEO of the Tontitown-based transportation and logistics firm, said in a news release that after 11 profitable months, demand fell in late December due to Christmas falling midweek instead of on a weekend as it did in 2011.
P.A.M. reported after market close Wednesday a net loss of $311,010, or 4 cents per share, in the quarter that ended Dec. 31, compared to earnings of $133,037, or 2 cents per share, a year earlier.
Revenue, including fuel surcharges, rose 7.1 percent to $95.77 million.
For the year, P.A.M. reported profit of $2.18 million, or 25 cents per share, compared to a net loss of $2.86 million, or 32 cents per share, in 2011.
Revenue, again including fuel surcharges, rose 6 percent to $380.63 million.
Cushman said in the release the company is pleased with its progress in 2012, reflected in the reversal of the prior year’s net loss.
“This improvement was achieved in an environment characterized by rising fuel prices that averaged 12 cents per gallon higher in 2012 compared to 2011, rising equipment and replacement parts costs, increased competition for drivers, increased regulation and an economy that continues to struggle to get traction,” he said.
P.A.M.’s shares were unchanged at $9.68 at mid-morning Thursday on the Nasdaq. Shares have traded between $8.81 and $12.58 in the past year.