P.A.M. Transportation Services Inc., Tonittown, Ark., has reported net income of $1,829,955 or diluted and basic earnings per share of $.16 for the quarter ended Dec. 31, 2004
, and $10,655,684 or diluted and basic earnings per share of $.94 for the year ended Dec. 31, 2004.
These results compare to net income of $1,662,080 or diluted and basic earnings per share of $.15, and $11,490,725 or diluted earnings per share of $1.01 ($1.02 basic), respectively, for the quarter and year ended Dec. 31, 2003.
Operating revenues excluding fuel surcharges were $77,508,358 for the fourth quarter of 2004, a 4.4% increase compared to $74,235,660 for the fourth quarter of 2003. Operating revenues excluding fuel surcharges for the year ended Dec. 31, 2004 were $309,474,540, a 5.4% increase compared to $293,546,854 for the year ended Dec. 31, 2003.
Robert W. Weaver, president of the company, commented, "Earnings per share reflect a year-over-year improvement for the fourth quarter but were not what we had expected. There is however, evidence of continued positive change in our operating fundamentals in driver recruiting and retention, utilization, and revenue per mile.
"The October driver pay increase and training incentive had a significant impact on both retention and recruitment. The student training program is running at full capacity. The driver recruiting department produced a net increase of 130 drivers in the fourth quarter. Driver wages increased three cents per mile, resulting in an approximate $1 million after tax increase in driver wages for the quarter. Training cost increased significantly and is expected to benefit the Company in subsequent months.”