P.A.M. Transportation Services Inc. reported net income of $1.295 million for the fourth quarter of 2013, an improvement over a net loss of $311,010 that the company reported during the final three months of 2012.
Earnings per share for the quarter were $0.15, up from a loss of $0.04 per share for the same period a year ago. Revenue, including the fuel surcharge, for the Tontitown-based trucking firm was $96.5 million, also an improvement from 2012.
Not only did the company end the final three months of 2013 on a positive note, it performed better for the entire year. P.A.M. saw a 5.8 percent increase in total revenue for the year, finishing with $402.8 million. P.A.M.’s yearly profit improved from $2.1 million to $5.1 million.
CEO Daniel Cushman said he was encouraged with how P.A.M. continued to build momentum late in the year. Last year, the company showed improvement through the first three quarters, then fell off late in 2012.
“We are pleased not only with our final results in 2013 but also in the consistency of the results,” Cushman said. “In 2012 we had an operating profit in every month except December and while those results were a significant improvement compare to our previous four-year history, we were not satisfied that our monthly profits were just marginal. During 2013 we experienced eight months that exceeded our best month during 2012 and our results reflected consistent improvement from month to month.”
Cushman said focusing on the company’s strengths have been key.
P.A.M. is the 65th-largest for-hire carrier in the United States and Canada. It specializes in hauling dry truckload commodities in the U.S., Mexico and Canada and has been traditionally active in the automotive industry.
Investments in dedicated and expedited hauling services also are paying off, Cushman said. P.A.M. has seen “sluggish” growth in its supply chain division, but Cushman said potential exists there for financial improvement.
“We believe a large part of our success is that we continue to focus on the things we do best,” Cushman said. “We are a premier transportation service provider to the automotive industry and we continue to grow in the other service areas where we feel we are ‘best in class.’”
Shares of P.A.M. stock ended the day trading at $19.85 per share.
Business, Pages 25 on 02/06/2014