by Marty Cook
Posted 4/24/2014 09:27 am
Updated 8 months ago
P.A.M. Transportation Services Inc. of Tontitown announced Wednesday that net income in the first-quarter was $1.35 million, a turnaround from the loss of $456,267 reported in the first quarter of 2013.
The trucking company's earnings improved despite a slight decline in revenue from $99.9 million in the first quarter of 2013 to $97.8 million this quarter.
"The first quarter was very challenging due to the severe winter weather conditions, which made it extremely difficult to maintain positive momentum," President and CEO Daniel Cushman. "The ability to post positive results, despite the significant weather related delays and added costs, was satisfying and is an indicator of the success of the profit model we continue to develop."
The quarterly earnings were released on the same day as the company's annual proxy statement, which revealed Cushman received total compensation of $720,034 in 2013, down $150,000 from the previous year — mainly because no stock options were granted last year and stock awards were lower.
Cushman’s annual salary went up from $437,000 to $447,000 and his incentive bonus increased from $150,000 to $180,000.
P.A.M. will hold its annual shareholders meeting May 29 in the Detroit suburb of Warren, Mich. Warren is the home of CenTra Inc., a holding company controlled by P.A.M.'s majority shareholders, the Moroun family.
The proxy says Allen West took home $201,199 in 2013 after being named the company’s vice president of finance and chief financial officer in June. West was given a $75,000 bonus in January 2014 and nearly 50 percent was paid immediately with the rest being scheduled to be paid off the next four years.
The previous CFO, Lance Stewart, received a pay package of $308,571 in for the first eight months of 2013; he resigned effective Sept. 3.
Stewart forfeited $54,750 in bonus payments from 2012 and 2013 when he left the company, but his income for the portion of 2013 that he spent with P.A.M. was less than $15,000 less than he earned for all of 2012.
Larry Goddard, a former executive vice president, left P.A.M. in May 2013 and was not among the named executive officers whose compensation was listed in the new proxy. He earned almost $350,000 in 2012.