Posted 10/27/2010 09:40 am
Updated 1 year ago
P.A.M. Transportation Services Inc. of Tontitown on Wednesday reported a net loss of $490,727, or 5 cents per share, for the third quarter, which ended Sept. 30. That compares with a net loss of $1.2 million, or 13 cents per share, for third-quarter 2009.
However, the trucking company reported net income of $455,403, or earnings of 5 cents per share, for the nine-month period ended Sept. 30, compared with a net loss of $6.9 million, or 74 cents per share, during the same period a year earlier.
The third-quarter loss was a disappointment, coming after the company reported second-quarter net income of $1.26 million and earnings per share of 13 cents. That compared with a net loss of $2.36 million and losses per share of 25 cents, during the same quarter one year ago.
Operating revenue, including revenue from fuel surcharges, was $86.7 million during the third, a 13 percent increase compared with $76.7 million for the third quarter of 2009. Operating revenue, including fuel surcharges, were $254 million for the nine months ended Sept. 30, a 20.3 percent increase compared with $211 million for the nine months ended Sept. 30, 2009.
"Third quarter results did not meet our expectations," Daniel H. Cushman, the president of P.A.M., said in a company news release.
"After making money in the second quarter, following several quarters of losses, we had hoped we had turned the corner to consistent profitability. A softer freight market in the third quarter along with some increased costs slowed our momentum."
Cushman said the company made progress in rate per mile and negotiated fuel surcharges, which let P.A.M. cut its fuel costs.
Cushman also noted the recent sale of East Coast Transport & Logistics LLC of Paulsboro, N.J., a brokerage unit, which completed the company's efforts to consolidate its operations into one unit, PAM Transport Inc. The sale resulted in a pre-tax gain of about $460,000, Cushman said.