P.A.M. Transportation Services, Inc. Announces Results For The Second Quarter Ended June 30, 2010
TONTITOWN, Ark., July 27, 2010 (GLOBE NEWSWIRE) -- P.A.M. Transportation Services, Inc. (Nasdaq:PTSI) today reported net income of $1,261,577 or diluted and basic earnings per share of $0.13 for the quarter ended June 30, 2010, and net income of $946,134 or diluted and basic earnings per share of $0.10 for the six month period then ended. These results compare to a net loss of $2,356,317 or diluted and basic loss per share of $0.25, and net loss of $5,702,244 or diluted and basic loss per share of $0.61, respectively, for the three and six months ended June 30, 2009.
Operating revenues, including revenue from fuel surcharges, were $85,237,911 for the second quarter of 2010, a 24.5% increase compared to $68,476,476 for the second quarter of 2009. Operating revenues, including fuel surcharges, were $167,084,734 for the six months ended June 30, 2010, a 24.4% increase compared to $134,294,511 for the six months ended June 30, 2009.
Daniel H. Cushman, President of the Company, commented, "We were very pleased with our operating results for the quarter, which were not only favorable for obvious financial reasons, but also to reinforce to everyone in our organization that our focused efforts yielded the desired results. Our operating income for the quarter was $2.3 million versus an operating loss of $3.6 million for the second quarter of 2009, which is a $5.9 million improvement quarter over quarter. Year to date operating income improved $9.5 million, from an operating loss of $7.2 million as of June 30, 2009 to operating income of $2.3 million as of June 20, 2010. To our shareholders, this improvement translates to a $0.38 improvement in quarterly earnings per share from a $0.25 loss to a $0.13 gain, and a $0.71 improvement in year over year earnings per share from a $0.61 net loss per share as of June 30, 2009 to $0.10 earnings per share as of June 30, 2010. To our employees this means the removal of the five percent pay reduction that was implemented last year.
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