Dry-van trucking company PAM Transportation Service has moved back into the black with the release of its first quarter financials.
The Arkansas-based operation reported net income of $1.34 million, or diluted and basic earnings per share of 17 cents for the quarter, compared to net loss of $456,000, or diluted and basic loss per share of five cents from the same time a year ago.
“The first quarter was very challenging due to the severe winter weather conditions, which made it extremely difficult to maintain positive momentum. The ability to post positive results, despite the significant weather related delays and added costs, was satisfying and is an indicator of the success of the profit model we continue to develop,” said Daniel H. Cushman, PAM Transportation president. "Industry capacity continues to tighten, which was primarily weather related in January and February, but we haven't seen any indication that this tightening will be short-lived. Indications from our customers and other shippers point to a growing concern over the long-term availability of capacity and the need to lock-in what capacity remains available.”
He said the quarter also marks the three-year anniversary date of moving forward with the company’s goal of converting its truck fleet from one of the oldest in the industry to one of the newest.
“We have now met that goal as the average age of our truck fleet is 1.5 years which equals the age goal we set in 2011, when the average age was 3.5 years,” Cushman said. “We continue to experience increased performance and lower operating costs and plan to continue our three year replacement cycle going forward."
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