P.A.M. Transportation Services, Inc. Announces Results for the Fourth Quarter and Year Ended December 31, 2011
February 09 2012 - 3:30PM
P.A.M. Transportation Services, Inc. (Nasdaq:PTSI) today reported
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. These results compare to 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.
Operating revenues were $89,388,357 for the fourth quarter of
2011, a 14.3% increase compared to $78,203,070 for the fourth
quarter of 2010. Operating revenues were $359,242,960 for the year
ended December 31, 2011, an 8.2% increase compared to $331,993,826
for the year ended December 31, 2010.
Daniel H. Cushman, President of the Company, commented, "The
focus of the Company since my arrival in July 2009 has been to
build a sustainable profit model. While this sounds basic and
fundamental, the execution of the concept requires discipline and
perseverance, and often means forgoing short term profit
opportunities in favor of investing in the long term sustainable
profit plan. The evolution of our customer base continues to be one
of the most evident success stories representing the result of our
efforts.
For the fourth quarter 2011, our top five customers comprised
39% of revenue, which represents a 17% decrease from the same
period in 2010 when our top five customers comprised 56% of revenue
and a 25% decrease from five years ago when revenue from our top
five trucking customers represented 64% of trucking revenues for
the fourth quarter of 2006. The acceleration of our customer
diversification clearly illustrates the success we are having in
this area. Approximately $34.1 million of our 2011 revenue came
from new customers that we began doing business with in 2011. While
achievement of this diversification provides the obvious benefit of
protecting us from dependency on any single customer, it has also
unencumbered us from leverage that prevented us from pursuing
pricing that more fairly compensates us for our services, it has
provided a wider array of freight origins and destinations to
choose from, and it has reduced the impact of seasonal plant
shutdowns. The result of these improvements can be seen in the 4.6%
growth in our rate per total mile to $1.38 for the fourth quarter
2011 compared to $1.32 for the same quarter in 2010, and an
increase in truck utilization over the same period.
We continuously monitor expenditures to identify opportunities
to do things better. Fuel, being our largest operating cost, has a
very large potential for savings and we have made great progress in
improving fuel efficiency and savings over the last year. Through
management of driving habits, compliance with fuel and route
optimization, tuning equipment specifications, and other efforts we
have improved the fuel efficiency of our pre-2012 year model trucks
(trucks manufactured prior to February 2011) by approximately a
half mile per gallon for the quarter ended December 31, 2011
compared to December 31, 2010.
As of December 31, 2011, we have taken delivery of 510 new
tractors and 400 new trailers, and plan to continue renewing our
fleet at a similar pace throughout 2012. We have been very pleased
by the fuel efficiency and mechanical reliability of the new
equipment, and are excited to be able to provide such high quality
equipment to our customers and drivers. We look forward to
additional savings as an increasingly larger portion of our fleet
is replaced by new equipment during 2012.
While we will never be content with break even operating
results, we were pleased with the year over year improvement and
progress in many key areas. We look forward to 2012 and our
continued progress towards the achievement of a sustainable profit
model, and thank our customers, employees, stockholders and
suppliers for their continued support."
P.A.M. Transportation Services, Inc. is a leading truckload dry
van carrier transporting general commodities throughout the
continental United States, as well as in the Canadian provinces of
Ontario and Quebec. The Company also provides transportation
services in Mexico through its gateways in Laredo and El Paso,
Texas under agreements with Mexican carriers.
The P.A.M. Transportation Services, Inc. logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=5148
Certain information included in this document contains or may
contain "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements may relate to expected future financial
and operating results or events, and are thus prospective. Such
forward-looking statements are subject to risks, uncertainties and
other factors which could cause actual results to differ materially
from future results expressed or implied by such forward-looking
statements. Potential risks and uncertainties include, but are not
limited to, excess capacity in the trucking industry; surplus
inventories; recessionary economic cycles and downturns in
customers' business cycles; increases or rapid fluctuations in fuel
prices, interest rates, fuel taxes, tolls, license and registration
fees; the resale value of the Company's used equipment and the
price of new equipment; increases in compensation for and
difficulty in attracting and retaining qualified drivers and
owner-operators; increases in insurance premiums and deductible
amounts relating to accident, cargo, workers' compensation, health,
and other claims; unanticipated increases in the number or amount
of claims for which the Company is self insured; inability of the
Company to continue to secure acceptable financing arrangements;
seasonal factors such as harsh weather conditions that increase
operating costs; competition from trucking, rail, and intermodal
competitors including reductions in rates resulting from
competitive bidding; the ability to identify acceptable acquisition
candidates, consummate acquisitions, and integrate acquired
operations; a significant reduction in or termination of the
Company's trucking service by a key customer; and other factors,
including risk factors, included from time to time in filings made
by the Company with the Securities and Exchange Commission. The
Company undertakes no obligation to update or clarify
forward-looking statements, whether as a result of new information,
future events or otherwise.
P.A.M. Transportation Services,
Inc. and Subsidiaries Key Financial and Operating Statistics
(unaudited) |
|
|
Quarter ended December 31, |
Twelve Months ended December
31, |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Revenue, before fuel surcharge |
$70,958,464 |
$65,426,754 |
$284,178,133 |
$282,523,697 |
Fuel surcharge |
18,429,893 |
12,776,316 |
75,064,827 |
49,470,129 |
|
89,388,357 |
78,203,070 |
359,242,960 |
331,993,826 |
|
|
|
|
|
Operating expenses and costs: |
|
|
|
|
Salaries, wages and benefits |
29,830,833 |
27,981,603 |
118,321,257 |
109,727,800 |
Fuel expense |
28,590,183 |
25,220,122 |
124,956,241 |
97,523,594 |
Operating supplies and expenses |
9,810,899 |
8,162,787 |
38,658,940 |
30,105,461 |
Rent and purchased transportation |
5,162,218 |
4,905,883 |
21,841,978 |
42,469,384 |
Depreciation |
9,417,609 |
7,035,904 |
34,163,037 |
27,034,694 |
Operating taxes and licenses |
1,239,585 |
1,339,601 |
4,951,919 |
4,953,628 |
Insurance and claims |
3,243,919 |
3,167,422 |
13,069,554 |
12,819,635 |
Communications and utilities |
590,923 |
675,469 |
2,495,684 |
2,730,876 |
Other |
1,868,425 |
1,563,807 |
6,029,071 |
5,168,706 |
Loss (gain) on disposition of
equipment |
66,818 |
164,303 |
97,897 |
(336,951) |
Total operating expenses and costs |
89,821,412 |
80,216,901 |
364,585,578 |
332,196,827 |
|
|
|
|
|
Operating loss |
(433,055) |
(2,013,831) |
(5,342,618) |
(203,001) |
|
|
|
|
|
Interest expense |
(442,012) |
(554,440) |
(1,798,720) |
(2,252,089) |
Non-operating income |
226,029 |
193,018 |
1,551,110 |
852,301 |
|
|
|
|
|
Loss before income taxes |
(649,038) |
(2,375,253) |
(5,590,228) |
(1,602,789) |
Income tax benefit |
(782,075) |
(1,265,118) |
(2,732,857) |
(948,061) |
|
|
|
|
|
Net income (loss) |
$133,037 |
$(1,110,135) |
$(2,857,371) |
$(654,728) |
|
|
|
|
|
Diluted earnings (loss) per share |
$0.02 |
$(0.12) |
$(0.32) |
$(0.07) |
|
|
|
|
|
Average shares outstanding – Diluted |
8,798,373 |
9,414,607 |
9,055,595 |
9,414,374 |
|
|
|
|
|
|
Quarter ended
December 31, |
Twelve Months ended
December 31, |
Truckload Operations |
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Total miles |
47,892,476 |
46,854,718 |
195,080,700 |
192,139,277 |
Operating ratio* |
100.77% |
103.39% |
102.14% |
100.50% |
Empty miles factor |
9.33% |
7.00% |
8.29% |
6.34% |
Revenue per total mile, before fuel
surcharge |
$1.38 |
$1.32 |
$1.36 |
$1.26 |
Total loads |
68,482 |
66,935 |
277,866 |
283,439 |
Revenue per truck per work day |
$587 |
$555 |
$591 |
$549 |
Revenue per truck per week |
$2,935 |
$2,775 |
$2,955 |
$2,745 |
Average company trucks |
1,715 |
1,711 |
1,723 |
1,713 |
Average owner operator trucks |
70 |
28 |
48 |
29 |
|
|
|
|
|
Logistics Operations |
|
|
|
|
Total revenue |
$4,961,432 |
$3,708,801 |
$18,378,852 |
$39,715,557 |
Operating ratio |
98.55% |
97.83% |
98.09% |
97.47% |
|
|
|
|
|
* Operating ratio has been
calculated based upon total operating expenses, net of fuel
surcharge, as a percentage of revenue, before fuel surcharge. We
used revenue, before fuel surcharge, and operating expenses, net of
fuel surcharge, because we believe that eliminating this sometimes
volatile source of revenue affords a more consistent basis for
comparing our results of operations from period to period. |
CONTACT: P.A.M. TRANSPORTATION SERVICES, INC.
P.O. BOX 188
Tontitown, AR 72770
Lance K. Stewart
(479) 361-9111
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