P.A.M. Transportation Services Inc., Tontitown, Ark., reported net income of $2,030,817 for the quarter ended March 31, 2004 compared to net income of $2,817,568 for the same quarter last year.
Revenues of $77,673,436 were reported for the first quarter of 2004, a 10.7% increase compared to $70,138,910 for the first quarter of 2003.
Robert W. Weaver, president of the company, said, "Earnings results fell short in year-over-year comparison, but improvement in quarter to quarter results continue. A large share of the 10.7% increase in revenue is derived from the truck side even though utilization was hampered at times by severe weather conditions.
"The continuing escalation of fuel prices, coupled with higher equipment costs, had a significant impact on the quarterly results. Costs incurred in preparation of equipment for trade remained high but the number of trade units have decreased.
"We have realized a $.02 per truckload mile increase from $1.08 in the fourth quarter 2003 to $1.10 for the first quarter 2004. While we are pleased with this progress, rate increases continue to be a main focus and are a work in progress."
Revenues of $77,673,436 were reported for the first quarter of 2004, a 10.7% increase compared to $70,138,910 for the first quarter of 2003.
Robert W. Weaver, president of the company, said, "Earnings results fell short in year-over-year comparison, but improvement in quarter to quarter results continue. A large share of the 10.7% increase in revenue is derived from the truck side even though utilization was hampered at times by severe weather conditions.
"The continuing escalation of fuel prices, coupled with higher equipment costs, had a significant impact on the quarterly results. Costs incurred in preparation of equipment for trade remained high but the number of trade units have decreased.
"We have realized a $.02 per truckload mile increase from $1.08 in the fourth quarter 2003 to $1.10 for the first quarter 2004. While we are pleased with this progress, rate increases continue to be a main focus and are a work in progress."
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