P.A.M. Transportation Services Inc., Tontitown, Ark., has reported net income of $3,679,592 or diluted and basic earnings per share of $.33 for the quarter ended June 30, 2005,
and $6,582,979 or diluted and basic earnings per share of $.59 for the six-month period then ended.
These results compare to net income of $3,647,123 or diluted and basic earnings per share of $.32, and $5,677,941 or diluted and basic earnings per share of $.50, respectively, for the three and six months ended June 30, 2004.
Operating revenues excluding fuel surcharges were $83,321,440 for the second quarter of 2005, a 5.4% increase compared to $79,070,723 for the second quarter of 2004. Operating revenues excluding fuel surcharges were $163,429,915 for the six months ended June 30, 2005, a 4.3% increase compared to $156,744,158 for the six months ended June 30, 2004.
Robert W. Weaver, president of the company, commented, "Results from our second quarter of 2005 showed modest improvement in earnings as compared to the second quarter of 2004. We achieved these results despite significant downtime at many of our automotive customers, a substantial driver pay increase, and overall softness in the general truckload sector as reported by some of our competitors. Revenue, before fuel surcharge, increased 5.4%.
“We feel our results for the quarter reflect the positive steps implemented to diversify our customer base allowing us the flexibility to respond to varying demand from the automobile industry. Projected downtime for the remainder of the year is currently expected to be minimal. Revenue per mile, before fuel surcharges, showed a strong increase of 10% from $1.11 in the second quarter of 2004 to $1.23 in the second quarter of 2005. Although collections from fuel surcharges increased from 4.06% of revenues, before fuel surcharges, in the second quarter of 2004 to 9.25% in the second quarter of 2005, the increased cost of fuel, net of fuel surcharges, had the effect of reducing earnings per share by $.09 for the quarter."