by Chris Bahn
Posted 4/24/2013 04:23 pm
Updated 7 months ago
P.A.M. Transportation Services Inc. President and CEO Daniel Cushman took home nearly $400,000 more last year than in 2011, according to its annual proxy statement filed with the Securities & Exchange Commission on Wednesday.
Cushman's total compensation rose 82 percent to $886,124. That figure includes a base salary of $437,000, which rose by $12,000 from 2011.
Cushman also received stock options worth $296,940 and a discretionary bonus of $150,000. He reported other compensation of $2,184.
Pay also increased for the Tontitown firm's other top executives, thanks to stock options and bonuses:
- Larry J. Goddard, the executive vice president, received $349,752 in total compensation. That includes $90,900 in stock options and $5,390 in other earnings to supplement his $178,837 base.
- Lance K. Stewart, vice president of finance, chief financial officer, secretary and treasurer, received $323,142 in total compensation. That includes a base salary of $178,837, a $50,000 bonus, $2,405 in other compensation and $90,900 in stock options.
P.A.M. (Nasdaq: PTSI) will hold its annual shareholders meeting in Tontitown at 9 a.m. on May 23.
Also on Monday the company released its first quarter earnings and reported a net loss of $456,267 or diluted and basic loss per share of $0.05 for the quarter ended March 31.That's down from $674,193 and $0.08 per share for the first quarter of 2012.
Operating revenues were just under $100 million the first quarter of 2013, up 4 percent from $96.2 million in the first quarter last year.
Cushman pointed to a 57-truck increase in average fleet size, a 10 percent reduction in uncompensated empty miles and a 4.3 percent year-over-year growth in supply chain revenue as factors in the first quarter report. A $600,000 workers' compensation claim in the first quarter also impacted the earnings.
P.A.M., a truckload dry van carrier servicing Canada and Mexico in addition the the United States, ended the first quarter with 208 more drivers and 162 more owner operators.
In February, the company reported a fourth-quarter net loss of $311,010. But for the year, the company swung to a profit, reaching net income of $2.17 million in 2012 after posting a net loss of $2.85 million in 2011.