P.A.M. Transportation Services, Inc. Announces Results For The Fourth Quarter And Year Ended December 31, 2010
TONTITOWN, Ark., Feb. 8, 2011 (GLOBE NEWSWIRE) -- P.A.M. Transportation Services, Inc. (Nasdaq:PTSI) today reported net loss of $1,110,135 or diluted and basic loss per share of $0.12 for the quarter ended December 31, 2010, and net loss of $654,728 or diluted and basic loss per share of $0.07 for the year ended December 31, 2010. These results compare to net loss of $3,915,329 or diluted and basic loss per share of $0.42, and net loss of $10,847,325 or diluted and basic loss per share of $1.15, respectively, for the quarter and year ended December 31, 2009.
Operating revenues were $78,203,070 for the fourth quarter of 2010, a 3.3% decrease compared to $80,871,818 for the fourth quarter of 2009. Operating revenues were $331,993,826 for the year ended December 31, 2010, a 13.7% increase compared to $291,909,653 for the year ended December 31, 2009.
Daniel H. Cushman, President of the Company, commented, "The fourth quarter, like our third quarter, was met with mixed emotions. While we are pleased that financial results for each quarter in 2010 improved over the same quarter in 2009 and that we have dramatically reduced the 2010 loss as compared to that experienced in 2009, several factors contributed to a loss of momentum in the third and fourth quarters.As the year progressed, we continued to improve our freight mix, walking away from some undesirable freight that we were not able to immediately replace. The freight we walked away from required a one year commitment so we had to make a decision, continue to haul it or walk away and replace it as quickly and efficiently as possible. We hoped we could do both, and replace it immediately with better paying freight. We eventually got the better paying freight, it just took longer than we would have liked. We were successful in the fact that we increased our rate per total mile by 5.6% to $1.32 in the fourth quarter 2010, up from $1.25 in the same quarter 2009.
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