P.A.M. Reports 3Q-Revenue Drop From 1999

Tontitown-based irregular-route carrier P.A.M. Transportation Services Inc. has reported net income for the third quarter ended Sept. 30 of $1.3 million, or 16 cents per share. That compares with net income of $2.8 million, or 33 cents per share, for the same period in 1999.

Operating revenue was $47.1 million, compared with $51.3 million last year. Operating income was $3.4 million, compared with $6 million for the same period in 1999.

“Our third-quarter results fell below our revenue and profit goals for the third quarter,” said company president Robert Weaver. “Many of our drivers routinely take their vacations during the July shutdowns at the automotive assembly plants that we service.

“However, this year a number of these drivers did not return to work after the plants resumed production as they moved to other carriers with higher pay packages.

“We quickly adjusted our pay scale and began an all out recruiting effort to re-man our equipment. We have now made large strides in driver recruitment, and utilization has improved substantially.”