P.A.M. Transportation Services Inc. of Tontitown, Ark., has reported net income of $3,957,465 or diluted and basic earnings per share of $.35 for the quarter ended Sept. 30, 2002,
and $12,597,067 or diluted and basic earnings per share of $1.20, for the nine month period then ended.
These results compare to net income of $2,001,587 or diluted and basic earnings per share of $.23, and $7,525,621 or diluted and basic earnings per share of $.88, respectively, for the three and the nine months ended Sept. 30, 2001.
Operating revenues of $65,033,997 were reported for the third quarter of 2002, a 21.2% increase compared to $53,662,065 for the third quarter of 2001. Operating revenues for the nine months ended Sept. 30, 2002 were $199,188,301, a 17.5% increase compared to $169,529,997 for the nine months ended Sept. 30, 2001.
Operating income for the quarter was $6,972,847, a 56.0% increase compared to operating income of $4,469,915 for the prior year's third quarter. For the nine months ended Sept. 30, 2002, operating income of $22,713,382 represented a 42.2% increase compared to operating income of $15,975,857 for the same period in 2001.
The company's operating ratios for the three and nine month periods ended September 30, 2002 were 89.3% and 88.6%, respectively, as compared to 91.7% and 90.6% for the three- and nine-month periods ended Sept. 30, 2001.
Robert W. Weaver, president of the company, said, "Increases in three important categories, earnings per share, revenue and operating income were 52%, 21% and 56%, respectively. A very solid quarter for the company and results we are certainly proud of.
"There are other events which occurred during the quarter which we are equally proud of," Weaver said. "We were once again named as one of the best 200 small companies by Forbes Magazine. We came in number 90 on their list and this made three out of the last four years we have enjoyed this honor."
P.A.M. Transportation Services Inc., is a leading truckload dry van carrier transporting general commodities throughout the continental United States as well as in the Canadian provinces of Ontario and Quebec. The company also provides transportation services in Mexico through its gateways in Laredo and El Paso, Texas under agreements with Mexican carriers.