Dry van truckload operation, P.A.M. Transportation Service has reported net income of $2.4 million for the third quarter of the year and net income of $4.6 million the first nine-months of the year.
These results compare to net income of $880,907 for the quarter a year ago and net income of $2.5 million for the first nine-months of last year for the Arkansas-based company.
Operating revenues, including revenue from fuel surcharges, were $102 million for the third quarter of 2013, a 7.8% increase compared to $95 million for the third quarter of 2012. Operating revenues, including fuel surcharges, were $306 million for the nine-months ended Sept. 30, a 7.5% increase compared to $285 million for the nine-months a year earlier.
“Operating income for the third quarter of 2013 increased almost 400% as compared to operating income for the third quarter of 2012,” said Daniel H. Cushman, president of P.A.M. “In fact, operating income for each month of the third quarter this year exceeded the entire third quarter 2012 operating income. As such, we have demonstrated improved profitability each month versus the same month of the prior year.”
"We have stayed on course in terms of our strategic diversity plan as we have continued to diversify our customer base and are constantly in search of opportunities for growth,” he said. “While we want to achieve overall revenue growth and diversity, we are currently focused on growth in our Mexico Division, Expedited Division, Automotive Division, Dedicated Division and Supply Chain Solutions offering. Along with growth in those areas, we are also concentrated on efforts to reduce the portion of our business represented by our random freight offering.”
"While we are pleased with our overall results to date, the third quarter was not without its challenges, especially in the area of driver recruiting and retention,” said Cushman. “We anticipate that this challenge is not going to ease anytime in the near future. We know that driver recruiting and retention is an industry-wide challenge.”
You can read more details on the company’s third quarter performance by clicking here.