by Lance Turner
Posted 3/22/2012 01:38 pm
Updated 2 years ago
P.A.M. Transportation Services Inc. of Tontitown on Wednesday declared a one-time cash dividend of $1 per share.
The dividend is payable April 9 to shareholders of record as of March 30. The company has about 8.92 million shares outstanding.
Shares of the company (Nasdaq: PTSI) were trading at about $11.84 on Thursday.
In February, the company reported a fourth-quarter gain, but its annual loss widened as it continued to try to build a "sustainable profit model." President and CEO Daniel H. Cushman, who succeeded Robert Weaver at the top of the firm in July 2009, 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.
P.A.M. is a transportation holding company providing nationwide dry van truckload, expedited truckload, intermodal, and logistics services to the manufacturing, retail, and automotive industries.