PAM Names New CFO, Profit Plunges 62% in Q2

PAM Transport CEO Joe Vitiritto (PAM Transport)

PAM Transport Inc. (Nasdaq: PTSI) of Tontitown named Lance Stewart as the company’s permanent CFO after he had served on an interim basis since March.

Stewart will be paid a base salary of $378,560. Stewart, an executive with the company since joining PAM in 1989, was vice president of operations when he was promoted to replace Allen West, who resigned after 25 years with the company.

PAM said West would receive $35,771 in monthly consultation pay for one year and receive a $1.25 million cash bonus. PAM will also buy back shares West owned in the company that he didn’t forfeit upon his resignation.

The company also reported second-quarter income for fiscal 2023 of $9.3 million, down 61.5% from $24.2 million in the same quarter a year ago.

The income came on revenue of $207.4 million, a drop of 12.6% from $237.2 million a year ago. Earnings per share came to 42 cents, down from $1.08.

The company’s truckload division reported an increase in total loads for the quarter, from 94,870 to 109,000, and an increase in total miles from 49.7 million to 53.4 million. Those increases were offset by a drop in revenue per truck per week, which fell to $3,868 from $4,238.

The company’s logistics division reported revenue of $61.9 million, down from $68 million.