P.A.M. Transportation Turns Quarterly Profit, More Than Doubles Annual Earnings
February 06, 2014
Truckload carrier P.A.M. Transportation Services has reported fourth quarter 2013 net income of $1.29 million or earnings per share of 15 cents and 2013 net income of $5.91 million or earnings per share of 68 cents.
These results compare to net loss of $311,010 or a loss per share of 4 cents for the 2012 quarter and net income of $2.18 million or earnings per share of 25 cents for all of 2012 for the Arkansas-based fleet.
Operating revenues were $96.5 million for the fourth quarter of 2013 compared to $95.8 million during the same time a year earlier, while they were $402.8 million for 2013, a 5.8% increase compared to $380.6 million for 2012.
"For the third quarter in a row, we have posted double-digit gains in our quarterly year over year earnings per share performance which resulted in a 172% increase in total year over year earnings per share,” said Daniel H. Cushman, company president. “While the fourth quarter results are satisfying, momentum slowed during December due to multiple unfavorable weather related events and a slow final week of the year. We certainly had challenges this December but October and November performance was strong enough to allow us to finish the quarter with a $2.1 million operating profit. Last year, even though we had operating profits in October and November, these profits were not large enough to make up for a weak December.
“In 2012, we had an operating profit in every month except December and while those results were a significant improvement compared to our previous four year history, we were not satisfied that our monthly profits were just marginal,” he said. “During 2013, we experienced 8 months that exceeded our best month during 2012 and our results reflected consistent improvement from month to month.”