P.A.M. Transportation Posts First Quarter Loss

P.A.M. Transportation Services, Inc. reported a first quarter net loss of $456,267 compared to a $674,193 profit in last year’s comparable period.

Revenues topped $99.98 million during the quarter, an increase from one year ago when revenues topped $96.15 million.

“..Growth in expenses outpaced year-to-year revenue growth increasing to 100.3% of revenue in the first quarter 2013 from 98.6% of revenue in the first quarter 2012. The first quarter 2013 was burdened by an approximate $600,000 increase in workers compensation reserve for a single accident,” said President Daniel Cushman. “In total, workers compensation increased by $1.0 million for the first quarter 2013 compared to 2012 and accounted for approximately 1.3% of the 1.8% overall increase in operating expenses as a percentage of operating revenue for the quarters compared.”

Cushman added, “While we have been successful in keeping our trucks manned, costs associated with attracting, training and qualifying enough drivers to outpace turnover are increasing. As the economy recovers, we not only see increasing competition from other transportation providers, but also heightened demand from construction, manufacturing and agriculture, among others.”

He also said the company was focused on driver retention and improving payoffs from fuel efficiency efforts.