Arkansas-based P.A.M. Transportation Services Inc. has reported net income of $3,647,123 for the quarter ended June 30, 2004,
and $5,677,941 for the six month period then ended.
These results compare to net income of $4,046,569 and $6,864, respectively, for the three and six months ended June 30, 2003.
Operating revenues of $79,070,723 were reported for the second quarter of 2004, a 5.5% increase compared to $74,956,404 for the second quarter of 2003. Operating revenues for the six months ended June 30, 2004 were $156,744,158, an 8.0% increase compared to $145,095,314 for the six months ended June 30, 2003.
Robert W. Weaver, president of the company, commented, "Comparisons made of our second quarter 2004 results to the results of the second quarter of 2003 do not adequately reflect the true improvements made by the company in the past four quarters. A more accurate picture of the improvements in our operations is apparent by comparing successive quarters. Increases in freight rates have erased the decrease that was experienced in rate per mile during the second half of 2003 and surpassed rate levels that were in place prior to that period.
"Cost containment measures and programs put in place in workers' compensation and maintenance reflect improvement as well. Improvements in operations continues to be a work in process evidenced by more improvement in each month of the quarter ending June 30, 2004."