Posted 7/28/2011 08:41 am
Updated 2 years ago
P.A.M. Transportation Services Inc. of Tontitown on Thursday reported a 45 percent decline in second-quarter profit compared to the same quarter last year.
The trucking company (Nasdaq: PTSI) reported second-quarter net income of $692,763, or 8 cents per share, down from $1.3 million, or 13 cents per share, during the same quarter last year.
On a six-month basis, the company swung to a $1.3 million, or 14 cents per share, loss, compared to net income of $946,134, or 10 cents per share, during the same six-month period last year.
Operating revenues, including revenue from fuel surcharges, reached $95.9 million for the second quarter of 2011, up 12.5 percent from the same time last year.
"We were pleased to report a profit for the quarter ended June 30, 2011," Daniel H. Cushman, company presidnet, said in a news release.
"While we reported a profit for the same quarter in 2010, we benefited during that period because many of our core expenses had not yet rebounded from their recessionary lows, while at the same time revenue and equipment utilization for the 2010 quarter benefited from a short term demand upturn," he said. "As we progressed into the second half of 2010, we knew we were facing hurdles as demand receded and expenses, especially in the areas of drivers, maintenance, and fuel increased."