Arkansas-based P.A.M. Transportation Services reported net income of $36,178 for the quarter ended Sept. 30, 2007, and $3,493,402 for the nine-month period then ended. These results compare to net income
of $3,268,194, and $13,692,941, respectively, for the three and nine months ended Sept. 30, 2006.
Operating revenues excluding fuel surcharges were $86,625,193 for the third quarter of 2007, a 1.3 percent increase compared to $85,502,372 for the third quarter of 2006. Operating revenues excluding fuel surcharges were $266,715,387 for the nine months ended Sept. 30, 2007, compared to $266,043,526 for the nine months ended Sept. 30, 2006.
Robert W. Weaver, president of the company, said, "Our third quarter financial results were disappointing as we continue to work through the sustained weakness in freight demand. The third quarter has traditionally been challenging, due to scheduled shutdowns for two or more weeks in July by customers for which we transport a large amount of freight.
"Although the months of August and September were profitable, they did not rebound as we have seen in years past. The prolonged softness of the freight market and continued aggressive price competition resulted in a 4.7 percent reduction in revenue per tractor per day for the quarter ended Sept. 30, 2007 compared to the same quarter in 2006. The predominant factor in this decrease was a $.04 reduction in our average rate per total mile from $1.33 in the third quarter of 2006 to $1.29 in the third quarter of 2007. This rate reduction equates to an approximate $0.15 reduction in our diluted earnings per share for the third quarter 2007."