P.A.M. Transportation Services, Inc. Announces Results For The Third Quarter Ended September 30, 2010
TONTITOWN, Ark., Oct. 27, 2010 (GLOBE NEWSWIRE) -- P.A.M. Transportation Services, Inc. (Nasdaq:PTSI) today reported net loss of $490,727 or diluted and basic loss per share of $0.05 for the quarter ended September 30, 2010, and net income of $455,403 or diluted and basic earnings per share of $0.05 for the nine month period then ended. These results compare to a net loss of $1,229,753 or diluted and basic loss per share of $0.13, and net loss of $6,931,995 or diluted and basic loss per share of $0.74, respectively, for the three and nine months ended September 30, 2009.
Operating revenues, including revenue from fuel surcharges, were $86,706,023 for the third quarter of 2010, a 13.0% increase compared to $76,743,324 for the third quarter of 2009. Operating revenues, including fuel surcharges, were $253,790,755 for the nine months ended September 30, 2010, a 20.3% increase compared to $211,037,835 for the nine months ended September 30, 2009.
Daniel H. Cushman, President of the Company, commented, "Third quarter results did not meet our expectations. After making money in the second quarter, following several quarters of losses, we had hoped we had turned the corner to consistent profitability. A softer freight market in the third quarter along with some increased costs slowed our momentum. We were pleased by our continued progress in several key areas. Our rate per total mile improved by 4.2% from the second quarter 2010 to the third quarter 2010. For the third quarter 2010 compared to the third quarter 2009, we were able to increase our rate per total mile by 3.1%, while reducing miles traveled hauling brokerage freight to 2.7% from 7.2% of total miles, and reducing empty miles to 6.1% from 7.6%. Improvements in negotiated fuel surcharges for the quarter ended September 30, 2010 allowed us to reduce our cost per gallon of fuel, net of surcharge, despite a 13.2% increase in the gross cost per gallon of our fuel compared to the same quarter in 2009. We have also seen growth in our expedited, dedicated and Mexico service offerings.
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