by Lance Turner
Posted 7/26/2012 02:04 pm
Updated 2 years ago
P.A.M. Transportation Services Inc. of Tontitown on Thursday announced its third straight quarter of sequential earnings growth, reporting second quarter net income of $934,791 or 11 cents per share, an increase from $692,763 or 8 cents per share, during the same quarter last year.
"We remain absolutely dedicated in our focus on the goal of a sustainable profit model and are very pleased to see many of our initiatives bearing fruit," Daniel H. Cushman, the trucking company's president, said in a news release.
The company (Nasdaq: PTSI) also swung to profit in the latest six-month period, recording net income of $1.6 million or 18 cents per share, up from a net loss of $1.3 million or 14 cents per share.
Quarterly operating revenue, including revenue from fuel surcharges, fell 1.8 percent to $94.1 million.
Cushman said a drop in fuel expense made a "notable" contribution to quarterly results.
"Several factors contributed to this decrease, including a decrease in the national average cost of diesel from $4.02 per gallon during the second quarter of 2011 to $3.93 during the second quarter of 2012 ..." he said.
Other factors included a half-mile per gallon year-over-year improvement in fleet fuel efficiency and an increase of 79 owner-operators during the quarter. Cushman also said the company reduced its fleet count from an average of 1,769 trucks in the second quarter of 2011 to 1,739 in the second quarter of 2012.P.A.M. is a truckload dry van carrier transporting general commodities throughout the continental United States and the Canadian provinces of Ontario and Quebec.