Both named executive officers of P.A.M. Transportation Services Inc. of Tontitown saw their total compensation decline last year, according to the company’s proxy statement, filed Tuesday.
Daniel H. Cushman, president and CEO, received total compensation of $867,821, down from $1 million in 2015. Cushman’s base salary was $500,032, but he also received stock awards and non-equity incentive plan compensation.
Allen W. West, the firm’s vice president of finance, chief financial officer, secretary and treasurer, received total compensation of $300,099, down from $456,979 in 2015. His base salary was $293,867.
The compensation declines came amid what Cushman called “a challenging year.” The company (Nasdaq: PTSI) reported income of $11.1 million for fiscal 2016, down from $21.4 million in 2015. Revenue was $432.8 million compared to $417.1 million, and earnings per share was $1.67 compared to $2.93 a year ago.
The company has scheduled its annual meeting for 11 a.m. April 26 in Warren, Michigan. During the meeting, shareholders will vote whether to:
- elect eight directors to its board.
- approve a non-binding advisory proposal on compensation for named executive officers.
- approve a non-binding advisory proposal on the frequency of future advisory votes on on compensation for named executive officers.
- ratify the appointment of Grant Thornton LLP as the company’s registered public accounting firm.