by Chris Bahn
Posted 2/6/2013 04:36 pm
Updated 10 months ago
P.A.M. Transportation Services Inc. reported Wednesday a net loss of $311,010 for the fourth quarter of 2012 and a net income of $2.17 million for the year.
It’s an increase from 2011 when the company, based in Tontitown, reported a net loss of $2.85 million for the year. Operating revenues were up 7.1 percent to $95,772,668 for the fourth quarter of 2012. Operating revenues were $380,632,762 for the year an increase of 6.0 percent from 2011.
"We finished the year with eleven consecutive profitable months, followed by a single month of loss in December," President Daniel H. Cushman said. “We are pleased with the progress achieved during 2012, reflected in the 57-cent swing in earnings per share from a 32-cent per share loss posted in 2011 to earnings of 25 cents per share for 2012.
"This improvement was achieved in an environment characterized by rising fuel prices that averaged 12 cents per gallon higher in 2012 compared to 2011, rising equipment and replacement parts costs, increased competition for drivers, increased regulation, and an economy that continues to struggle to get traction."
Freight demand decreased during the Christmas holiday, leading to the decline, Cushman said. Before December, the company was enjoying 7.2 percent growth from 2011.
Fourth quarter operating costs were down slightly from 2011, dropping from $433,000 to $395,000.
"We made significant progress towards the goal of sustainable profitability during 2012, but will not be satisfied until we can overcome months like December that pose specific challenges to profitability," Cushman said. "We would like to commend our dedicated employees and thank our customers, suppliers and shareholders for their continued commitment and support."