P.A.M. Transportation Net Income Up 81 Percent

by Arkansas Business Staff  on Monday, Jul. 28, 2014 11:42 am  

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

P.A.M. Transportation Services Inc. of Tontitown on Monday reported second-quarter earnings of $4.9 million, up 81 percent from $2.7 million in the same quarter last year.

P.A.M. (Nasdaq: PTSI) said revenue including fuel surcharges was $104.3 million for the quarter, a slight decrease from $104.4 million from the same quarter the previous year.

Earning per share increased 100 percent to 62 cents. The company bought back 675,000 shares in January, and the number of outstanding shares dropped from 8.6 million shares in the second quarter of 2013 to slightly more than 8 million shares this quarter.

"We are very pleased to announce another quarter of improved results," Daniel H. Cushman, company president, said in a news release. "The earnings per share results attained so far this year represent a 200 percent increase as compared to the same period last year and this quarter's earnings per share represents our highest single quarter earnings per share results on record. 

"Also, considering that we are only halfway through the year and have already exceeded the net income posted for the entirety of last year, we are further satisfied that our strategic plans are maturing," he said.

Cushman cited growth in the company’s various divisions: Automotive, Mexico, Expedited and Dedicated. He said the company has been successful in growing its dedicated customer base.

"In the past, we have had limited success in securing dedicated business outside of the automotive area, but within the last nine months we have been more successful in the diversification of our dedicated customer base," he said. "Again, this is freight that typically appeals to drivers."

 

 

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