by Lance Turner
Posted 2/10/2012 08:01 am
Updated 3 years ago
The publicly traded truckload dry van carrier (Nasdaq: PTSI) reported fourth-quarter net income of $133,037 or 2 cents per share, an improvement from a $1.1 million or 12 cents per share net loss during the same quarter last year.
But for the year, the company's loss widened. P.A.M. reported a net loss of $2.9 million or 32 cents per share, deeper than the $654,728 or 7 cents per share loss it reported for 2010.
"The focus of the company since my arrival in July 2009 has been to build a sustainable profit model," company President and CEO Daniel H. Cushman said in a news release.
Cushman, who succeeded Robert Weaver at the top of the firm, has said he wants to turn the company around by fixing its fractured brand, restructuring some of its internal functions and diversifying its revenue streams.
Since Cushman's arrival, the company's losses haven't been as severe as in 2008, when the company lost $18.7 million. In 2009, the company lost $10.8 million.
"While this sounds basic and fundamental, the execution of the concept requires discipline and perseverance, and often means forgoing short term profit opportunities in favor of investing in the long term sustainable profit plan," Cushman said in the earnings release on Thursday. "The evolution of our customer base continues to be one of the most evident success stories representing the result of our efforts."
During the quarter, Cushman said the company made progress in diversifying its customer base and continued renewing its fleet, adding 510 new tractors and 400 new trailers. Cushman said the company will continue renewing its fleet at a similar pace in 2012.
In all, operating revenue reached $89.4 million in the fourth quarter of 2011, up 14 percent from the same quarter last year. Operating revenue reached $359.2 million for the year, up 8 percent from the previous year.
"While we will never be content with break even operating results, we were pleased with the year over year improvement and progress in many key areas," he said. "We look forward to 2012 and our continued progress towards the achievement of a sustainable profit model, and thank our customers, employees, stockholders and suppliers for their continued support."