P.A.M. Transportation Swings to Profit in 4Q

by Marty Cook  on Thursday, Feb. 6, 2014 10:21 am  

P.A.M. Transportation President Daniel H. Cushman.

P.A.M. Transportation Services Inc. of Tontitown reported fourth-quarter net earnings of nearly $1.3 million Wednesday, up from a loss of $311,010 from the same quarter last year.

The company (Nasdaq: PTSI) reported diluted earnings per share of 15 cents, up from a loss of 4 cents during the same quarter last year. P.A.M. announced in January it had agreed to purchase 675,000 shares of its stock for $13.8 million through a dutch auction.

Total operating revenue was $96.5 million for the quarter, up almost one percent from $95.7 million in the same quarter last year.

"The fourth quarter of this year reflected a significant swing from a net loss of 4 cents per share to net income of 15 cents per share, resulting in a year-over-year improvement of 19 cents in earnings per share for the fourth quarter," President Daniel Cushman said in a statement.

"While the fourth quarter results are satisfying, momentum slowed during December due to multiple unfavorable weather related events and a slow final week of the year. We certainly had challenges this December but October and November performance was strong enough to allow us to finish the quarter with a $2.1 million operating profit," he said.

For the year, the company reported earnings of $5.91 million, or 68 cents per share, up 171 percent from $2.18 million, or 25 cents per share. Operating revenue was $402.8 million, up 6 percent from $380.6 million in 2012.



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