TONTITOWN, Ark., Feb. 6, 2013 (GLOBE NEWSWIRE) -- P.A.M. Transportation Services, Inc. (Nasdaq:PTSI) today reported net loss of $311,010 or diluted and basic loss per share of $0.04 for the quarter ended December 31, 2012, and net income of $2,178,881 or diluted and basic earnings per share of $0.25 for the year ended December 31, 2012. These results compare to net income of $133,037 or diluted and basic earnings per share of $0.02 for the quarter ended December 31, 2011, and net loss of $2,857,371 or diluted and basic loss per share of $0.32 for the year ended December 31, 2011.
Operating revenues were $95,772,668 for the fourth quarter of 2012, a 7.1% increase compared to $89,388,357 for the fourth quarter of 2011. Operating revenues were $380,632,762 for the year ended December 31, 2012, a 6.0% increase compared to $359,242,960 for the year ended December 31, 2011.
Daniel H. Cushman, President of the Company, commented, "We finished the year with eleven consecutive profitable months, followed by a single month of loss in December. We are pleased with the progress achieved during 2012, reflected in the $0.57 cent swing in earnings per share from a $0.32 cent per share loss posted in 2011 to earnings of $0.25 cents per share for 2012. This improvement was achieved in an environment characterized by rising fuel prices that averaged $0.12 cents per gallon higher in 2012 compared to 2011, rising equipment and replacement parts costs, increased competition for drivers, increased regulation, and an economy that continues to struggle to get traction."Fourth quarter freight demand began up year over year and remained strong through the Friday before Christmas. However, demand fell off more drastically the last ten days of 2012 than in 2011, which is largely attributable to the mid-week holiday in 2012, compared to the weekend holiday in 2011. This had the effect of reducing the momentum of year over year revenue growth from 7.2% in October and November, to a slight decrease year over year in December. We reduced our fourth quarter operating loss slightly from $433,000 for the fourth quarter 2011 to $395,000 for the fourth quarter 2012.