P.A.M. Transportation Services Inc., Tontitown, Ark., reported net income of $4,342,650 or diluted and basic earnings per share of $.41 for the quarter ended Dec. 31, 2005, and
$13,138,719 or diluted and basic earnings per share of $1.20 for the year ended Dec. 31, 2005.
These results compare to net income of $1,762,177 or diluted and basic earnings per share of $.16, and $10,587,907 or diluted and basic earnings per share of $.94, respectively, for the quarter and year ended Dec. 31, 2004.
Operating revenues excluding fuel surcharges were $83,861,479 for the fourth quarter of 2005, a 8.2 percent increase compared to $77,508,358 for the fourth quarter of 2004. Operating revenues excluding fuel surcharges for the year ended Dec. 31, 2005, were $326,353,129, a 5.5 percent increase compared to $309,474,540 for the year ended Dec. 31, 2004.
Robert W. Weaver, president of the company, said, "We are encouraged by the results of our operations during the fourth quarter. Our net income increased 146 percent from $1,762,177 for the fourth quarter ended Dec. 31, 2004, to $4,342,650 for the quarter ended Dec. 31, 2005. Earnings per share increased 156 percent from $.16 for the fourth quarter ended Dec. 31, 2004 to $.41 for the quarter ended Dec. 31, 2005.
"Additionally we had success in raising our rates by 14 percent from an average rate of $1.18 per mile during the fourth quarter ended Dec. 31, 2004 to an average rate of $1.35 during the quarter ended Dec. 31, 2005.
"Although we are pleased with these results we know we still have work to do to reduce our operating ratio and to continue to increase our revenues and bottom line profitability. We believe that we have the mechanisms in place to achieve these initiatives."