by Marty Cook
Posted 2/6/2014 10:21 am
Updated 8 months ago
P.A.M. Transportation Services Inc. of Tontitown reported fourth-quarter net earnings of nearly $1.3 million Wednesday, up from a loss of $311,010 from the same quarter last year.
The company (Nasdaq: PTSI) reported diluted earnings per share of 15 cents, up from a loss of 4 cents during the same quarter last year. P.A.M. announced in January it had agreed to purchase 675,000 shares of its stock for $13.8 million through a dutch auction.
Total operating revenue was $96.5 million for the quarter, up almost one percent from $95.7 million in the same quarter last year.
"The fourth quarter of this year reflected a significant swing from a net loss of 4 cents per share to net income of 15 cents per share, resulting in a year-over-year improvement of 19 cents in earnings per share for the fourth quarter," President Daniel Cushman said in a statement.
"While the fourth quarter results are satisfying, momentum slowed during December due to multiple unfavorable weather related events and a slow final week of the year. We certainly had challenges this December but October and November performance was strong enough to allow us to finish the quarter with a $2.1 million operating profit," he said.
For the year, the company reported earnings of $5.91 million, or 68 cents per share, up 171 percent from $2.18 million, or 25 cents per share. Operating revenue was $402.8 million, up 6 percent from $380.6 million in 2012.